UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                            811-21624                                                                           

Allianz Variable Insurance Products Fund of Funds Trust

 (Exact name of registrant as specified in charter)

5701 Golden Hills Drive, Minneapolis, MN                              55416-1297

(Address of principal executive offices)                                 (Zip code)

Amanda Farren, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297

(Name and address of agent for service)

Registrant’s telephone number, including area code:   800-624-0197     

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

AZL Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL Balanced Index Strategy Fund	$5	0.10%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL Balanced Index Strategy Fund	12.49%	5.25%	7.07%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Balanced Composite Index	13.01%	6.79%	8.68%

 Fund Statistics

Table Summary

Net Assets	$319,247,071
Number of Portfolio Holdings	5
Portfolio Turnover Rate	1%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Fixed Income Fund	48.9%
Domestic Equity Funds	36.9%
International Equity Fund	14.2%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018822304 08/26

AZL DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL DFA Multi-Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL DFA Multi-Strategy Fund	$5	0.09%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL DFA Multi-Strategy Fund	14.63%	6.72%	8.26%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Moderate Composite Index	14.87%	8.12%	10.07%

 Fund Statistics

Table Summary

Net Assets	$606,587,016
Number of Portfolio Holdings	3
Portfolio Turnover Rate	0%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Domestic Equity Fund	43.9%
Fixed Income Fund	39.4%
International Equity Fund	16.7%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018822403 08/26

AZL MVP Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL MVP Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP Balanced Index Strategy Fund	$7	0.14%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL MVP Balanced Index Strategy Fund	11.66%	4.59%	6.05%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Balanced Composite Index	13.01%	6.79%	8.68%

 Fund Statistics

Table Summary

Net Assets	$652,584,637
Number of Portfolio Holdings	7
Portfolio Turnover Rate	0%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Fixed Income Fund	49.6%
Domestic Equity Funds	35.6%
International Equity Fund	14.8%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL MVP Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018822809 08/26

AZL MVP DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL MVP DFA Multi-Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP DFA Multi-Strategy Fund	$7	0.13%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL MVP DFA Multi-Strategy Fund	14.46%	6.14%	7.12%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Moderate Composite Index	14.87%	8.12%	10.07%

 Fund Statistics

Table Summary

Net Assets	$1,171,104,592
Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Domestic Equity Fund	43.1%
Fixed Income Fund	39.3%
International Equity Fund	17.6%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL MVP DFA Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018822833 08/26

AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund	$8	0.15%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund	10.19%	4.76%	6.40%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Income and Growth Composite Index	11.16%	5.46%	7.27%

 Fund Statistics

Table Summary

Net Assets	$250,366,601
Number of Portfolio Holdings	3
Portfolio Turnover Rate	0%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Balanced Fund	100.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL MVP Fidelity Institutional Asset Management Multi-Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018822858 08/26

AZL MVP Global Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL MVP Global Balanced Index Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP Global Balanced Index Strategy Fund	$7	0.14%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL MVP Global Balanced Index Strategy Fund	11.19%	4.44%	5.92%
MSCI World Index (gross of withholding taxes)	21.81%	11.98%	13.70%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Global Balanced Composite Index	12.71%	6.07%	7.80%

 Fund Statistics

Table Summary

Net Assets	$392,673,037
Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
International Equity Fund	50.5%
Fixed Income Fund	49.5%
Convertible Bond	0.0%
Private Placements	0.0%
Corporate Bonds	0.0%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL MVP Global Balanced Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018822874 08/26

AZL MVP Growth Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL MVP Growth Index Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP Growth Index Strategy Fund	$7	0.13%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL MVP Growth Index Strategy Fund	15.84%	7.01%	8.29%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Growth Composite Index	17.66%	10.11%	12.14%

 Fund Statistics

Table Summary

Net Assets	$1,643,850,182
Number of Portfolio Holdings	7
Portfolio Turnover Rate	0%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Domestic Equity Funds	53.4%
Fixed Income Fund	24.4%
International Equity Fund	22.2%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL MVP Growth Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018822882 08/26

AZL MVP Moderate Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL MVP Moderate Index Strategy Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP Moderate Index Strategy Fund	$8	0.15%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL MVP Moderate Index Strategy Fund	13.92%	5.64%	7.38%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Moderate Composite Index	14.87%	8.12%	10.07%

 Fund Statistics

Table Summary

Net Assets	$290,822,393
Number of Portfolio Holdings	7
Portfolio Turnover Rate	0%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Domestic Equity Funds	43.0%
Fixed Income Fund	39.6%
International Equity Fund	17.4%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL MVP Moderate Index Strategy Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018822866 08/26

AZL MVP T. Rowe Price Capital Appreciation Plus Fund 

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the AZL MVP T. Rowe Price Capital Appreciation Plus Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://pex.broadridge.com/funds.asp?cid=allianz. You can also request this information by contacting us at 800-624-0197.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment and reflects expense reimbursements and fee waivers, as applicable)

Table Summary

	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment (annualized)
AZL MVP T. Rowe Price Capital Appreciation Plus Fund	$7	0.13%

Average Annual Total Returns

Table Summary

	1 Year	5 Years	10 Years
AZL MVP T. Rowe Price Capital Appreciation Plus Fund	12.16%	7.06%	8.82%
S&P 500 Index	22.32%	13.41%	15.51%
Bloomberg U.S. Aggregate Bond Index	3.79%	0.08%	1.54%
Moderate Composite Index	14.87%	8.12%	10.07%

 Fund Statistics

Table Summary

Net Assets	$897,948,941
Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

The Fund's past performance is not a good predictor of the Fund's future performance. Performance reflects the impact of fee waivers, expense caps and/or reimbursements in effect during the period shown. In the absence of applicable fee waivers, expense caps and/or reimbursements, Fund performance would have been reduced. Performance data does not reflect the effect of any insurance charges, the annual maintenance fee or the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. To obtain more recent performance information, please send an email request to contact.us@allianzlife.com or call 800-624-0197.

What did the Fund invest in?

(as of June 30, 2026)

Portfolio Composition

Table Summary

Type of Security	Percent of Total Investments
Domestic Equity Funds	81.4%
Fixed Income Fund	18.6%

Changes in and Disagreements with Accountants:

On February 24, 2026, the Fund’s Board of Trustees, upon recommendation of its Audit Committee, approved the appointment of Cohen & Company, Ltd. as the independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2026, effectively dismissing PricewaterhouseCoopers LLP (“PwC”) as the Fund’s independent registered public accounting firm effective February 26, 2026. There were no disagreements with PwC during the Fund’s fiscal years ended December 31, 2024 and December 31, 2025, or the subsequent interim period ended February 26, 2026.

AZL MVP T. Rowe Price Capital Appreciation Plus Fund 

Semi-Annual Shareholder Report - June 30, 2026

Additional information about the Fund (e.g. Financial Information, Holdings, Prospectus and Statement of Additional Information) is available

 on the Fund's Website at https://connect.rightprospectus.com/Allianz?site=AZLFunds, or upon request, by calling 800-624-0197.

Additional information about the Fund's Proxy Voting Record is available:

 https://www.allianzlife.com/what-we-offer/annuities/investment-strategies/Allianz-investment-options. 

018822841 08/26

(b)           Not applicable.

Item 2. Code of Ethics.

                Not applicable.

Item 3. Audit Committee Financial Expert.

                Not applicable.

Item 4. Principal Accountant Fees and Services.

                Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)                 The Schedule of Investments in securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b)                Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2026

(Unaudited)

AZL

®

Balanced

Index

Strategy

Fund

AZL

®

DFA

Multi-Strategy

Fund

AZL

®

MVP

Balanced

Index

Strategy

Fund

AZL

®

MVP

DFA

Multi-Strategy

Fund

AZL

®

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

®

MVP

Global

Balanced

Index

Strategy

Fund

AZL

®

MVP

Growth

Index

Strategy

Fund

AZL

®

MVP

Moderate

Index

Strategy

Fund

AZL

®

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Table

of

Contents

Page

Financial

Statements

(Form

N-CSR

Item

7)

(Unaudited)

Schedules

of

Portfolio

Investments

AZL

Balanced

Index

Strategy

Fund

3

AZL

DFA

Multi-Strategy

Fund

4

AZL

MVP

Balanced

Index

Strategy

Fund

5

AZL

MVP

DFA

Multi-Strategy

Fund

6

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

7

AZL

MVP

Global

Balanced

Index

Strategy

Fund

8

AZL

MVP

Growth

Index

Strategy

Fund

9

AZL

MVP

Moderate

Index

Strategy

Fund

10

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

11

Statements

of

Assets

and

Liabilities

12

Statements

of

Operations

15

Statements

of

Changes

in

Net

Assets

18

Financial

Highlights

23

Notes

to

the

Financial

Statements

32

Other

Information

(Form

N-CSR

Items

8-11)

(Unaudited)

Item

8.  

Changes

in

and

Disagreements

with

Accountants  

44

Item

9.  

Proxy

Disclosures

44

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

44

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

44

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Funds.

The

report

is

not

authorized

for

distribution

to

prospective

investors

in

the

Funds

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

contains

details

concerning

the

sales

charges

and

other

pertinent

information.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

AZL

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

3

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026

.

Shares

Value

Affiliated

Investment

Companies

(

100

.0

%

):

Domestic

Equity

Funds

(

36

.9

%

):

539,779

AZL

Mid

Cap

Index

Fund,

Class

2

$

10,374,557‌

3,958,000

AZL

S&P

500

Index

Fund,

Class

2

100,176,990‌

518,931

AZL

Small

Cap

Stock

Index

Fund,

Class

2

7,161,250‌

117,712,797‌

Fixed

Income

Fund

(

48

.9

%

):

15,915,458

AZL

Enhanced

Bond

Index

Fund

156,130,644‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(

14

.2

%

):

1,895,188

AZL

International

Index

Fund,

Class

2

$

45,522,410‌

Total

Affiliated

Investment

Companies

(Cost

$235,294,021)

319,365,851‌

Total

Investment

Securities

(Cost

$

235,294,021

)

—

100

.0

%

319,365,851‌

Net

other

assets

(liabilities)

—

0

.0

%

†

(

118,780‌

)

Net

Assets

—

100.0%

$

319,247,071‌

†

Represents

less

than

0.05%.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

AZL

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

4

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Affiliated

Investment

Companies

(

100

.1

%

):

Domestic

Equity

Fund

(

44

.0

%

):

14,816,490

AZL

DFA

U.S.

Core

Equity

Fund

$

266,844,980

Fixed

Income

Fund

(

39

.4

%

):

24,392,917

AZL

Enhanced

Bond

Index

Fund

239,294,516

International

Equity

Fund

(

16

.7

%

):

7,278,353

AZL

DFA

International

Core

Equity

Fund

101,096,322

Total

Affiliated

Investment

Companies

(Cost

$456,088,503)

607,235,818

Total

Investment

Securities

(Cost

$

456,088,503

)

—

100

.1

%

607,235,818

Net

other

assets

(liabilities)

—

(

0

.1

)

%

(

648,802

)

Net

Assets

—

100.0%

$

606,587,016

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

AZL

MVP

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

5

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(33.9%):

1,037,397

AZL

Mid

Cap

Index

Fund,

Class

2

$

19,938,766‌

7,407,251

AZL

S&P

500

Index

Fund,

Class

2

187,477,523‌

968,780

AZL

Small

Cap

Stock

Index

Fund,

Class

2

13,369,158‌

220,785,447‌

Fixed

Income

Fund

(47.2%):

31,398,562

AZL

Enhanced

Bond

Index

Fund

308,019,898‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(14.0%):

3,811,553

AZL

International

Index

Fund,

Class

2

$

91,553,501‌

Total

Affiliated

Investment

Companies

(Cost

$524,872,473)

620,358,846‌

Total

Investment

Securities

(Cost

$524,872,473

)

—

95.1%

620,358,846‌

Net

other

assets

(liabilities)

—

4.9%

32,225,791‌

Net

Assets

—

100.0%

$

652,584,637‌

Futures

Contracts

At

June

30,

2026,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/18/26

43

$

16,228,738

$

110,868

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/21/26

148

16,263,813

35,480

$

146,348

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

AZL

MVP

DFA

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

6

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Fund

(40.9%):

26,643,447

AZL

DFA

U.S.

Core

Equity

Fund

$

479,848,486‌

Fixed

Income

Fund

(37.4%):

44,621,887

AZL

Enhanced

Bond

Index

Fund

437,740,707‌

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.7%):

14,069,040

AZL

DFA

International

Core

Equity

Fund

$

195,418,971‌

Total

Affiliated

Investment

Companies

(Cost

$907,156,935)

1,113,008,164‌

Total

Investment

Securities

(Cost

$907,156,935

)

—

95.0%

1,113,008,164‌

Net

other

assets

(liabilities)

—

5.0%

58,096,428‌

Net

Assets

—

100.0%

$

1,171,104,592‌

Futures

Contracts

At

June

30,

2026,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/18/26

93

$

35,099,363‌

$

236,674‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/21/26

212

23,296,813‌

51,725‌

$

288,399‌

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026

.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

7

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Affiliated

Investment

Company

(95.1%):

Balanced

Fund

(95.1%):

14,196,981

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

2

$

238,083,368‌

Total

Affiliated

Investment

Company

(Cost

$175,646,241)

238,083,368‌

Total

Investment

Securities

(Cost

$175,646,241

)

—

95.1%

238,083,368‌

Net

other

assets

(liabilities)

—

4.9%

12,283,233‌

Net

Assets

—

100.0%

$

250,366,601‌

Futures

Contracts

At

June

30,

2026,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/18/26

1

$

377,413

$

8,698

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/21/26

68

7,472,563

17,035

$

25,733

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

8

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—“

are

either

$0

or

round

to

less

than

$1.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Shares

Value

Private

Placements

(0.1%):

Health

Care

Providers

&

Services

(0.1%):

145,123

Grand

Rounds,

Inc.,

Series

C,

0.00%

*(a)(b)

$

111,745

Household

Durables

(0.0%

†

):

23,389

Jawbone,

0.00%

*(a)(b)

—

Paper

&

Forest

Products

(0.0%

†

):

386,370

Quintis

Pty,

Ltd.,

0.00%

*(a)(b)

2

Total

Private

Placements

(Cost

$653,277)

111,747

Principal

Amount

Convertible

Bond

(0.0%

†

):

Food

Products

(0.0%

†

):

$

400,000

REI

Agro,

Ltd.,

Registered

Shares,

5.50%,

11/13/14

*(a)(b)(c)

—

Total

Convertible

Bond

(Cost

$—)

—

Corporate

Bonds

(0.0%

†

):

Paper

&

Forest

Products

(0.0%

†

):

52,331

Quintis

Australia

Pty,

Ltd.,

7.50%,

10/1/26,

Callable

8/1/26

@

100

*(a)(b)

5,626

Principal

Amount

Value

Corporate

Bonds,

continued

Paper

&

Forest

Products,

continued

$

730,672

Quintis

Australia

Pty,

Ltd.,

12.00%,

10/1/28,

Callable

8/1/26

@

106

*(a)(b)

$

—

Total

Corporate

Bonds

(Cost

$783,003)

5,626

Shares

Affiliated

Investment

Companies

(95.0%):

Fixed

Income

Fund

(47.0%):

18,832,813

AZL

Enhanced

Bond

Index

Fund

184,749,899

International

Equity

Fund

(48.0%):

8,266,794

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

188,400,232

Total

Affiliated

Investment

Companies

(Cost

$285,943,307)

373,150,131

Total

Investment

Securities

(Cost

$287,379,587

)

—

95.1%

373,267,504

Net

other

assets

(liabilities)

—

4.9%

19,405,533

Net

Assets

—

100.0%

$

392,673,037

†

Represents

less

than

0.05%.

*

Non-income

producing

security.

(a)

Rule

144A,

Section

4(2)

or

other

security

which

is

restricted

to

resale

to

institutional

investors.

(b)

Security

was

valued

using

significant

unobservable

inputs

as

of

June

30,

2026.

(c)

Defaulted

bond.

Futures

Contracts

At

June

30,

2026,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/18/26

26

$

9,812,725

$

56,885

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/21/26

89

9,780,266

21,738

$

78,623

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

AZL

MVP

Growth

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

9

See

accompanying

notes

to

the

financial

statements.

Shares

Value

Affiliated

Investment

Companies

(95.0%):

Domestic

Equity

Funds

(50.8%):

3,951,584

AZL

Mid

Cap

Index

Fund,

Class

2

$

75,949,449‌

27,959,175

AZL

S&P

500

Index

Fund,

Class

2

707,646,709‌

3,709,789

AZL

Small

Cap

Stock

Index

Fund,

Class

2

51,195,085‌

834,791,243‌

Fixed

Income

Fund

(23.1%):

38,804,417

AZL

Enhanced

Bond

Index

Fund

380,671,336‌

International

Equity

Fund

(21.1%):

14,435,829

AZL

International

Index

Fund,

Class

2

346,748,618‌

Total

Affiliated

Investment

Companies

(Cost

$1,072,817,337)

1,562,211,197‌

Total

Investment

Securities

(Cost

$1,072,817,337

)

—

95.0%

1,562,211,197‌

Net

other

assets

(liabilities)

—

5.0%

81,638,985‌

Net

Assets

—

100.0%

$

1,643,850,182‌

Futures

Contracts

At

June

30,

2026,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/18/26

163

$

61,518,238

$

417,398

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/21/26

186

20,439,656

45,085

$

462,483

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026

.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

AZL

MVP

Moderate

Index

Strategy

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

10

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(40.9%):

536,431

AZL

Mid

Cap

Index

Fund,

Class

2

$

10,310,194

3,995,422

AZL

S&P

500

Index

Fund,

Class

2

101,124,121

537,287

AZL

Small

Cap

Stock

Index

Fund,

Class

2

7,414,561

118,848,876

Fixed

Income

Fund

(37.7%):

11,167,762

AZL

Enhanced

Bond

Index

Fund

109,555,743

Shares

Value

Affiliated

Investment

Companies,

continued

International

Equity

Fund

(16.5%):

2,005,640

AZL

International

Index

Fund,

Class

2

$

48,175,473

Total

Affiliated

Investment

Companies

(Cost

$221,468,795)

276,580,092

Total

Investment

Securities

(Cost

$221,468,795

)

—

95.1%

276,580,092

Net

other

assets

(liabilities)

—

4.9%

14,242,301

Net

Assets

—

100.0%

$

290,822,393

Futures

Contracts

At

June

30,

2026,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/18/26

23

$

8,680,488

$

49,587

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/21/26

52

5,714,313

12,790

$

62,377

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Schedule

of

Portfolio

Investments

June

30,

2026

(Unaudited)

11

See

accompanying

notes

to

the

financial

statements.

Percentages

indicated

are

based

on

net

assets

as

of

June

30,

2026.

Shares

Value

Affiliated

Investment

Companies

(95.1%):

Domestic

Equity

Funds

(77.5%):

9,640,627

AZL

S&P

500

Index

Fund,

Class

2

$

244,004,261‌

25,453,872

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

451,551,691‌

695,555,952‌

Shares

Value

Affiliated

Investment

Companies,

continued

Fixed

Income

Fund

(17.6%):

16,157,407

AZL

Enhanced

Bond

Index

Fund

$

158,504,167‌

Total

Affiliated

Investment

Companies

(Cost

$718,387,813)

854,060,119‌

Total

Investment

Securities

(Cost

$718,387,813

)

—

95.1%

854,060,119‌

Net

other

assets

(liabilities)

—

4.9%

43,888,822‌

Net

Assets

—

100.0%

$

897,948,941‌

Futures

Contracts

At

June

30,

2026,

the

Fund's

open

futures

contracts

were

as

follows:

Long

Futures

Description

Expiration

Date

Number

of

Contracts

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

E-Mini

September

Futures

(U.S.

Dollar)

9/18/26

71

$

26,796,288‌

$

183,157‌

U.S.

Treasury

10-Year

Note

September

Futures

(U.S.

Dollar)

9/21/26

162

17,802,281‌

39,035‌

$

222,192‌

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Assets

and

Liabilities

June

30,

2026

(Unaudited)

12

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

Balanced

Index

Strategy

Fund

AZL

DFA

Multi-

Strategy

Fund

AZL

MVP

Balanced

Index

Strategy

Fund

Assets:

Investments

in

affiliates,

at

cost

$

235,294,021‌

$

456,088,503‌

$

524,872,473‌

aaa

aaa

aaa

aaa

Investments

in

affiliates,

at

value

$

319,365,851‌

$

607,235,818‌

$

620,358,846‌

Deposit

at

broker

for

futures

contracts

collateral

—‌

—‌

32,670,013‌

Interest

and

dividends

receivable

83‌

—‌

84,031‌

Receivable

for

affiliated

investments

sold

143,734‌

338,069‌

516,200‌

Prepaid

expenses

707‌

1,397‌

1,513‌

Total

Assets

319,510,375‌

607,575,284‌

653,630,603‌

Liabilities:

Cash

overdraft

143,734‌

338,069‌

516,200‌

Payable

for

capital

shares

redeemed

77,887‌

580,460‌

427,641‌

Payable

for

variation

margin

on

futures

contracts

—‌

—‌

204‌

Management

fees

payable

13,066‌

24,993‌

53,780‌

Administration

fees

payable

15,621‌

17,174‌

18,306‌

Custodian

fees

payable

1,414‌

4,418‌

4,272‌

Administrative

and

compliance

services

fees

payable

2,034‌

4,335‌

4,786‌

Transfer

agent

fees

payable

1,567‌

1,748‌

1,785‌

Trustee

fees

payable

3,035‌

6,467‌

7,141‌

Other

accrued

liabilities

4,946‌

10,604‌

11,851‌

Total

Liabilities

263,304‌

988,268‌

1,045,966‌

Commitments

and

contingent

liabilities

^

Net

Assets

$

319,247,071‌

$

606,587,016‌

$

652,584,637‌

Net

Assets

Consist

of:

Paid-in

capital

$

201,311,966‌

$

390,641,279‌

$

519,607,405‌

Total

distributable

earnings

117,935,105‌

215,945,737‌

132,977,232‌

Net

Assets

$

319,247,071‌

$

606,587,016‌

$

652,584,637‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

19,723,712‌

40,772,285‌

49,010,566‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

16.19‌

$

14.88‌

$

13.32‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Assets

and

Liabilities

June

30,

2026

(Unaudited)

13

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

DFA

Multi-Strategy

Fund

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Assets:

Investments

in

affiliates,

at

cost

$

907,156,935‌

$

175,646,241‌

$

285,943,307‌

Investments

in

non-affiliates,

at

cost

—‌

—‌

1,436,280‌

aaa

aaa

aaa

aaa

Investments

in

affiliates,

at

value

$

1,113,008,164‌

$

238,083,368‌

$

373,150,131‌

Investments

in

non-affiliates,

at

value

—‌

—‌

117,373‌

Deposit

at

broker

for

futures

contracts

collateral

58,677,381‌

12,485,388‌

19,654,418‌

Interest

and

dividends

receivable

150,466‌

32,369‌

50,647‌

Receivable

for

affiliated

investments

sold

928,305‌

570,302‌

241,695‌

Prepaid

expenses

2,662‌

603‌

925‌

Reclaims

receivable

—‌

—‌

11,044‌

Total

Assets

1,172,766,978‌

251,172,030‌

393,226,233‌

Liabilities:

Cash

overdraft

928,305‌

570,302‌

241,695‌

Payable

for

capital

shares

redeemed

568,762‌

175,623‌

249,717‌

Payable

for

variation

margin

on

futures

contracts

409‌

9,308‌

204‌

Management

fees

payable

96,470‌

19,247‌

32,417‌

Administration

fees

payable

18,035‌

17,777‌

13,834‌

Custodian

fees

payable

7,729‌

2,312‌

2,913‌

Administrative

and

compliance

services

fees

payable

8,374‌

1,794‌

2,176‌

Transfer

agent

fees

payable

1,803‌

1,700‌

1,332‌

Trustee

fees

payable

12,495‌

2,677‌

3,247‌

Other

accrued

liabilities

20,004‌

4,689‌

5,661‌

Total

Liabilities

1,662,386‌

805,429‌

553,196‌

Commitments

and

contingent

liabilities

^

Net

Assets

$

1,171,104,592‌

$

250,366,601‌

$

392,673,037‌

Net

Assets

Consist

of:

Paid-in

capital

$

882,153,498‌

$

177,260,637‌

$

308,339,273‌

Total

distributable

earnings

288,951,094‌

73,105,964‌

84,333,764‌

Net

Assets

$

1,171,104,592‌

$

250,366,601‌

$

392,673,037‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

94,775,842‌

17,596,327‌

31,522,574‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

12.36‌

$

14.23‌

$

12.46‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Assets

and

Liabilities

June

30,

2026

(Unaudited)

14

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

Growth

Index

Strategy

Fund

AZL

MVP

Moderate

Index

Strategy

Fund

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Assets:

Investments

in

affiliates,

at

cost

$

1,072,817,337‌

$

221,468,795‌

$

718,387,813‌

aaa

aaa

aaa

aaa

Investments

in

affiliates,

at

value

$

1,562,211,197‌

$

276,580,092‌

$

854,060,119‌

Deposit

at

broker

for

futures

contracts

collateral

82,242,708‌

14,564,366‌

44,854,736‌

Interest

and

dividends

receivable

210,672‌

37,307‌

115,461‌

Receivable

for

affiliated

investments

sold

1,700,376‌

255,858‌

859,391‌

Prepaid

expenses

3,742‌

679‌

2,162‌

Total

Assets

1,646,368,695‌

291,438,302‌

899,891,869‌

Liabilities:

Cash

overdraft

1,700,376‌

255,858‌

859,391‌

Payable

for

capital

shares

redeemed

573,675‌

305,402‌

964,125‌

Payable

for

variation

margin

on

futures

contracts

409‌

—‌

204‌

Management

fees

payable

135,125‌

23,503‌

73,912‌

Administration

fees

payable

22,119‌

17,110‌

13,844‌

Custodian

fees

payable

15,352‌

2,282‌

6,181‌

Administrative

and

compliance

services

fees

payable

14,254‌

1,994‌

4,933‌

Transfer

agent

fees

payable

2,261‌

1,639‌

1,368‌

Trustee

fees

payable

21,268‌

2,976‌

7,361‌

Other

accrued

liabilities

33,674‌

5,145‌

11,609‌

Total

Liabilities

2,518,513‌

615,909‌

1,942,928‌

Commitments

and

contingent

liabilities

^

Net

Assets

$

1,643,850,182‌

$

290,822,393‌

$

897,948,941‌

Net

Assets

Consist

of:

Paid-in

capital

$

1,165,240,311‌

$

223,941,939‌

$

676,906,290‌

Total

distributable

earnings

478,609,871‌

66,880,454‌

221,042,651‌

Net

Assets

$

1,643,850,182‌

$

290,822,393‌

$

897,948,941‌

Shares

of

beneficial

interest

(unlimited

number

of

shares

authorized,

no

par

value)

103,932,272‌

20,470,149‌

68,315,638‌

Net

Asset

Value

(offering

and

redemption

price

per

share)

$

15.82‌

$

14.21‌

$

13.14‌

^

See

Note

3

in

Notes

to

the

Financial

Statements.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Operations

For

the

Six

Months

Ended

June

30,

2026

(Unaudited)

15

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

Balanced

Index

Strategy

Fund

AZL

DFA

Multi-

Strategy

Fund

AZL

MVP

Balanced

Index

Strategy

Fund

Investment

Income:

Interest

$

—‌

$

—‌

$

514,174‌

Dividends

from

non-affiliates

404‌

—‌

57‌

Total

Investment

Income

404‌

—‌

514,231‌

Expenses:

Management

fees

78,928‌

152,900‌

329,694‌

Administration

fees

43,288‌

44,616‌

46,335‌

Custodian

fees

3,467‌

10,262‌

9,769‌

Administrative

and

compliance

services

fees

5,268‌

10,537‌

11,332‌

Transfer

agent

fees

4,294‌

4,487‌

4,466‌

Trustee

fees

8,826‌

17,673‌

18,994‌

Professional

fees

9,677‌

19,400‌

20,804‌

Shareholder

reports

2,366‌

4,564‌

5,272‌

Other

expenses

2,276‌

4,765‌

5,108‌

Total

expenses

158,390‌

269,204‌

451,774‌

Net

Investment

Income/(Loss)

(157,986‌)

(269,204‌)

62,457‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

fund

transactions

2,578,763‌

10,670,564‌

6,852,833‌

Net

realized

gains/(losses)

on

futures

contract

transactions

—‌

—‌

(3,295,509‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

14,923,924‌

29,191,547‌

28,023,940‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

—‌

—‌

287,247‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

17,502,687‌

39,862,112‌

31,868,511‌

Change

in

Net

Assets

Resulting

From

Operations

$

17,344,701‌

$

39,592,908‌

$

31,930,968‌

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Operations

For

the

Six

Months

Ended

June

30,

2026

(Unaudited)

16

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

DFA

Multi-Strategy

Fund

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Investment

Income:

Interest

$

924,658‌

$

197,867‌

$

310,712‌

Dividends

from

non-affiliates

9‌

104‌

47‌

Total

Investment

Income

924,667‌

197,971‌

310,759‌

Expenses:

Management

fees

1,176,610‌

127,192‌

198,857‌

Administration

fees

45,900‌

46,204‌

42,011‌

Custodian

fees

17,951‌

5,327‌

8,021‌

Administrative

and

compliance

services

fees

19,941‌

4,365‌

6,188‌

Transfer

agent

fees

4,527‌

4,372‌

4,002‌

Trustee

fees

33,420‌

7,318‌

10,382‌

Professional

fees

36,642‌

8,016‌

11,384‌

Shareholder

reports

7,773‌

2,651‌

3,539‌

Other

expenses

8,955‌

1,886‌

2,895‌

Total

expenses

before

reductions

1,351,719‌

207,331‌

287,279‌

Less

Management

fees

contractually

waived

(588,305‌)

—‌

—‌

Less

expenses

contractually

waived/reimbursed

by

the

Manager

—‌

(16,546‌)

—‌

Net

expenses

763,414‌

190,785‌

287,279‌

Net

Investment

Income/(Loss)

161,253‌

7,186‌

23,480‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

securities

and

foreign

currency

transactions

—‌

—‌

2,561‌

Net

realized

gains/(losses)

on

affiliated

underlying

fund

transactions

14,276,764‌

5,446,010‌

8,207,240‌

Net

realized

gains/(losses)

on

futures

contract

transactions

1,067,447‌

(1,516,336‌)

(1,636,293‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

securities

and

foreign

currencies

—‌

—‌

(4,277‌)

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

58,356,329‌

5,454,080‌

10,411,168‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

479,721‌

92,964‌

162,753‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

74,180,261‌

9,476,718‌

17,143,152‌

Change

in

Net

Assets

Resulting

From

Operations

$

74,341,514‌

$

9,483,904‌

$

17,166,632‌

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Operations

For

the

Six

Months

Ended

June

30,

2026

(Unaudited)

17

See

accompanying

notes

to

the

financial

statements.

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

AZL

MVP

Growth

Index

Strategy

Fund

AZL

MVP

Moderate

Index

Strategy

Fund

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Investment

Income:

Interest

$

1,257,694‌

$

230,682‌

$

716,919‌

Dividends

from

non-affiliates

—‌

67‌

16‌

Total

Investment

Income

1,257,694‌

230,749‌

716,935‌

Expenses:

Management

fees

822,766‌

147,469‌

454,855‌

Administration

fees

50,328‌

45,531‌

41,912‌

Custodian

fees

31,575‌

5,451‌

16,709‌

Administrative

and

compliance

services

fees

30,388‌

4,968‌

14,004‌

Transfer

agent

fees

5,068‌

4,316‌

4,088‌

Trustee

fees

51,005‌

8,332‌

23,549‌

Professional

fees

56,011‌

9,138‌

25,800‌

Shareholder

reports

10,805‌

2,865‌

4,826‌

Recoupment

of

prior

expenses

reimbursed

by

the

Manager

—‌

625‌

—‌

Other

expenses

13,482‌

2,153‌

6,670‌

Total

expenses

before

reductions

1,071,428‌

230,848‌

592,413‌

Less

expenses

contractually

waived/reimbursed

by

the

Manager

—‌

(9,642‌)

—‌

Net

expenses

1,071,428‌

221,206‌

592,413‌

Net

Investment

Income/(Loss)

186,266‌

9,543‌

124,522‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments:

Net

realized

gains/(losses)

on

affiliated

underlying

fund

transactions

35,054,757‌

4,837,974‌

17,779,909‌

Net

realized

gains/(losses)

on

futures

contract

transactions

(14,528,975‌)

(428,036‌)

774,659‌

Change

in

net

unrealized

appreciation/(depreciation)

on

affiliated

underlying

funds

91,475,203‌

13,580,968‌

29,976,278‌

Change

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

618,089‌

110,452‌

374,159‌

Net

realized

and

Change

in

net

unrealized

gains/(losses)

on

investments

112,619,074‌

18,101,358‌

48,905,005‌

Change

in

Net

Assets

Resulting

From

Operations

$

112,805,340‌

$

18,110,901‌

$

49,029,527‌

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Changes

in

Net

Assets

18

See

accompanying

notes

to

the

financial

statements.

AZL

Balanced

Index

Strategy

Fund

AZL

DFA

Multi-Strategy

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

(157,986‌)

$

9,190,272‌

$

(269,204‌)

$

15,437,189‌

Net

realized

gains/(losses)

on

investments

2,578,763‌

26,478,229‌

10,670,565‌

40,197,442‌

Change

in

unrealized

appreciation/

(depreciation)

on

investments

14,923,924‌

4,863,243‌

29,191,547‌

33,735,843‌

Change

in

net

assets

resulting

from

operations

17,344,701‌

40,531,744‌

39,592,908‌

89,370,474‌

Distributions

to

Shareholders:

Distributions

—‌

(28,904,453‌)

—‌

(40,301,333‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(28,904,453‌)

—‌

(40,301,333‌)

Capital

Transactions:

Proceeds

from

shares

issued

3,136,136‌

3,844,057‌

365,921‌

611,263‌

Proceeds

from

dividends

reinvested

—‌

28,904,453‌

—‌

40,301,333‌

Value

of

shares

redeemed

(23,005,920‌)

(55,262,662‌)

(63,577,960‌)

(120,259,470‌)

Change

in

net

assets

resulting

from

capital

transactions

(19,869,784‌)

(22,514,152‌)

(63,212,039‌)

(79,346,874‌)

Change

in

net

assets

(2,525,083‌)

(10,886,861‌)

(23,619,131‌)

(30,277,733‌)

Net

Assets:

Beginning

of

period

321,772,154‌

332,659,015‌

630,206,147‌

660,483,880‌

End

of

period

$

319,247,071‌

$

321,772,154‌

$

606,587,016‌

$

630,206,147‌

Share

Transactions:

Shares

issued

198,111‌

248,829‌

24,705‌

44,084‌

Dividends

reinvested

—‌

1,910,407‌

—‌

2,939,557‌

Shares

redeemed

(1,473,142‌)

(3,610,302‌)

(4,420,430‌)

(8,890,128‌)

Change

in

shares

(1,275,031‌)

(1,451,066‌)

(4,395,725‌)

(5,906,487‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Changes

in

Net

Assets

19

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

Balanced

Index

Strategy

Fund

AZL

MVP

DFA

Multi-Strategy

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

62,457‌

$

19,536,466‌

$

161,253‌

$

29,847,994‌

Net

realized

gains/(losses)

on

investment

transactions

3,557,324‌

36,331,382‌

15,344,211‌

41,093,994‌

Change

in

unrealized

appreciation/

(depreciation)

on

investments

28,311,187‌

14,524,187‌

58,836,050‌

67,361,691‌

Change

in

net

assets

resulting

from

operations

31,930,968‌

70,392,035‌

74,341,514‌

138,303,679‌

Distributions

to

Shareholders:

Distributions

—‌

(60,159,829‌)

—‌

(134,057,498‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(60,159,829‌)

—‌

(134,057,498‌)

Capital

Transactions:

Proceeds

from

shares

issued

972,065‌

3,505,227‌

152,956‌

780,581‌

Proceeds

from

dividends

reinvested

—‌

60,159,829‌

—‌

134,057,498‌

Value

of

shares

redeemed

(61,471,580‌)

(121,926,235‌)

(110,713,006‌)

(223,651,213‌)

Change

in

net

assets

resulting

from

capital

transactions

(60,499,515‌)

(58,261,179‌)

(110,560,050‌)

(88,813,134‌)

Change

in

net

assets

(28,568,547‌)

(48,028,973‌)

(36,218,536‌)

(84,566,953‌)

Net

Assets:

Beginning

of

period

681,153,184‌

729,182,157‌

1,207,323,128‌

1,291,890,081‌

End

of

period

$

652,584,637‌

$

681,153,184‌

$

1,171,104,592‌

$

1,207,323,128‌

Share

Transactions:

Shares

issued

75,228‌

278,464‌

13,147‌

66,577‌

Dividends

reinvested

—‌

4,801,264‌

—‌

11,749,123‌

Shares

redeemed

(4,743,296‌)

(9,553,693‌)

(9,260,789‌)

(18,936,813‌)

Change

in

shares

(4,668,068‌)

(4,473,965‌)

(9,247,642‌)

(7,121,113‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Changes

in

Net

Assets

20

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

AZL

MVP

Global

Balanced

Index

Strategy

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

7,186

$

7,484,215

$

23,480

$

11,388,395

Net

realized

gains/(losses)

on

investment

transactions

3,929,674

7,334,494

6,573,508

10,227,115

Change

in

unrealized

appreciation/

(depreciation)

on

investments

5,547,044

6,171,524

10,569,644

22,169,226

Change

in

net

assets

resulting

from

operations

9,483,904

20,990,233

17,166,632

43,784,736

Distributions

to

Shareholders:

Distributions

—

(13,652,074

)

—

(11,998,553

)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(13,652,074

)

—

(11,998,553

)

Capital

Transactions:

Proceeds

from

shares

issued

1,496,785

4,603,785

619,759

844,522

Proceeds

from

dividends

reinvested

—

13,652,074

—

11,998,553

Value

of

shares

redeemed

(26,566,708

)

(55,786,346

)

(39,289,257

)

(83,591,671

)

Change

in

net

assets

resulting

from

capital

transactions

(25,069,923

)

(37,530,487

)

(38,669,498

)

(70,748,596

)

Change

in

net

assets

(15,586,019

)

(30,192,328

)

(21,502,866

)

(38,962,413

)

Net

Assets:

Beginning

of

period

265,952,620

296,144,948

414,175,903

453,138,316

End

of

period

$

250,366,601

$

265,952,620

$

392,673,037

$

414,175,903

Share

Transactions:

Shares

issued

107,463

345,753

50,822

75,497

Dividends

reinvested

—

1,007,533

—

1,018,553

Shares

redeemed

(1,916,670

)

(4,133,286

)

(3,234,279

)

(7,297,990

)

Change

in

shares

(1,809,207

)

(2,780,000

)

(3,183,457

)

(6,203,940

)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Changes

in

Net

Assets

21

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

Growth

Index

Strategy

Fund

AZL

MVP

Moderate

Index

Strategy

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

186,266‌

$

36,045,861‌

$

9,543‌

$

7,852,246‌

Net

realized

gains/(losses)

on

investment

transactions

20,525,782‌

146,391,599‌

4,409,938‌

22,383,001‌

Change

in

unrealized

appreciation/

(depreciation)

on

investments

92,093,292‌

10,775,232‌

13,691,420‌

3,457,330‌

Change

in

net

assets

resulting

from

operations

112,805,340‌

193,212,692‌

18,110,901‌

33,692,577‌

Distributions

to

Shareholders:

Distributions

—‌

(190,478,418‌)

—‌

(32,792,495‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(190,478,418‌)

—‌

(32,792,495‌)

Capital

Transactions:

Proceeds

from

shares

issued

952,346‌

2,976,785‌

722,468‌

56,705‌

Proceeds

from

dividends

reinvested

—‌

190,478,418‌

—‌

32,792,494‌

Value

of

shares

redeemed

(167,375,561‌)

(339,036,306‌)

(33,019,465‌)

(63,590,406‌)

Change

in

net

assets

resulting

from

capital

transactions

(166,423,215‌)

(145,581,103‌)

(32,296,997‌)

(30,741,207‌)

Change

in

net

assets

(53,617,875‌)

(142,846,829‌)

(14,186,096‌)

(29,841,125‌)

Net

Assets:

Beginning

of

period

1,697,468,057‌

1,840,314,886‌

305,008,489‌

334,849,614‌

End

of

period

$

1,643,850,182‌

$

1,697,468,057‌

$

290,822,393‌

$

305,008,489‌

Share

Transactions:

Shares

issued

61,644‌

199,412‌

53,084‌

4,279‌

Dividends

reinvested

—‌

13,091,300‌

—‌

2,488,050‌

Shares

redeemed

(11,000,890‌)

(22,543,973‌)

(2,404,587‌)

(4,665,699‌)

Change

in

shares

(10,939,246‌)

(9,253,261‌)

(2,351,503‌)

(2,173,370‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Statements

of

Changes

in

Net

Assets

22

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

For

the

Six

Months

Ended

June

30,

2026

For

the

Year

Ended

December

31,

2025

(Unaudited)

Change

In

Net

Assets:

Operations:

Net

investment

income/(loss)

$

124,522‌

$

22,154,861‌

Net

realized

gains/(losses)

on

investment

transactions

18,554,568‌

107,298,132‌

Change

in

unrealized

appreciation/(depreciation)

on

investments

30,350,437‌

(48,856,029‌)

Change

in

net

assets

resulting

from

operations

49,029,527‌

80,596,964‌

Distributions

to

Shareholders:

Distributions

—‌

(84,081,601‌)

Change

in

net

assets

resulting

from

distributions

to

shareholders

—‌

(84,081,601‌)

Capital

Transactions:

Proceeds

from

shares

issued

1,453,916‌

4,409,824‌

Proceeds

from

dividends

reinvested

—‌

84,081,601‌

Value

of

shares

redeemed

(108,690,433‌)

(208,182,995‌)

Change

in

net

assets

resulting

from

capital

transactions

(107,236,517‌)

(119,691,570‌)

Change

in

net

assets

(58,206,990‌)

(123,176,207‌)

Net

Assets:

Beginning

of

period

956,155,931‌

1,079,332,138‌

End

of

period

$

897,948,941‌

$

956,155,931‌

Share

Transactions:

Shares

issued

113,418‌

350,139‌

Dividends

reinvested

—‌

6,775,310‌

Shares

redeemed

(8,576,637‌)

(16,488,130‌)

Change

in

shares

(8,463,219‌)

(9,362,681‌)

Amounts

shown

as

“—”

are

either

$0

or

round

to

less

than

$1.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

23

See

accompanying

notes

to

the

financial

statements.

AZL

Balanced

Index

Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

15.32‌

$

14.82‌

$

14.28‌

$

13.76‌

$

17.96‌

$

17.48‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

(0.01‌)

0.44‌

0.37‌

0.20‌

0.21‌

0.15‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.88‌

1.52‌

0.83‌

1.49‌

(2.97‌)

1.56‌

Total

from

Investment

Activities

0.87‌

1.96‌

1.20‌

1.69‌

(2.76‌)

1.71‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.44‌)

(0.22‌)

(0.27‌)

(0.37‌)

(0.34‌)

Net

Realized

Gains

—‌

(1.02‌)

(0.44‌)

(0.90‌)

(1.07‌)

(0.89‌)

Total

Dividends

—‌

(1.46‌)

(0.66‌)

(1.17‌)

(1.44‌)

(1.23‌)

Net

Asset

Value,

End

of

Period

$

16.19‌

$

15.32‌

$

14.82‌

$

14.28‌

$

13.76‌

$

17.96‌

Total

Return

(b)

5.68‌%

(c)

13.34‌%

8.36‌%

13.21‌%

(15.10‌)%

10.04‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

319,247‌

$

321,772‌

$

332,659‌

$

347,625‌

$

343,081‌

$

445,174‌

Net

Investment

Income/(Loss)

(d)

(0.10‌)%

2.83‌%

2.52‌%

1.43‌%

1.35‌%

0.85‌%

Expenses

Before

Reductions

*(d)(e)

0.10‌%

0.10‌%

0.10‌%

0.09‌%

0.09‌%

0.08‌%

Expenses

Net

of

Reductions

*(d)

0.10‌%

0.10‌%

0.10‌%

0.09‌%

0.09‌%

0.08‌%

Portfolio

Turnover

Rate

1‌%

(c)

12‌%

12‌%

5‌%

8‌%

13‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

24

See

accompanying

notes

to

the

financial

statements.

AZL

DFA

Multi-Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

13.95‌

$

12.93‌

$

12.02‌

$

12.12‌

$

15.44‌

$

14.52‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

(0.01‌)

0.33‌

0.27‌

0.16‌

0.29‌

0.08‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.94‌

1.60‌

0.82‌

1.27‌

(2.10‌)

1.89‌

Total

from

Investment

Activities

0.93‌

1.93‌

1.09‌

1.43‌

(1.81‌)

1.97‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.38‌)

(0.18‌)

(0.37‌)

(0.16‌)

(0.25‌)

Net

Realized

Gains

—‌

(0.53‌)

—‌

(1.16‌)

(1.35‌)

(0.80‌)

Total

Dividends

—‌

(0.91‌)

(0.18‌)

(1.53‌)

(1.51‌)

(1.05‌)

Net

Asset

Value,

End

of

Period

$

14.88‌

$

13.95‌

$

12.93‌

$

12.02‌

$

12.12‌

$

15.44‌

Total

Return

(b)

6.67‌%

(c)

15.03‌%

9.04‌%

13.22‌%

(11.41‌)%

13.81‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

606,587‌

$

630,206‌

$

660,484‌

$

718,515‌

$

723,314‌

$

937,644‌

Net

Investment

Income/(Loss)

(d)

(0.09‌)%

2.41‌%

2.16‌%

1.31‌%

2.14‌%

0.50‌%

Expenses

Before

Reductions

*(d)(e)

0.09‌%

0.09‌%

0.08‌%

0.08‌%

0.08‌%

0.07‌%

Expenses

Net

of

Reductions

*(d)

0.09‌%

0.09‌%

0.08‌%

0.08‌%

0.08‌%

0.07‌%

Portfolio

Turnover

Rate

—‌%

(c)(f)

9‌%

19‌%

44‌%

10‌%

6‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

(f)

Represents

less

than

$0.005

or

0.5%.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

25

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

Balanced

Index

Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

12.69‌

$

12.54‌

$

12.27‌

$

11.05‌

$

14.38‌

$

14.04‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

—‌

(b)

0.36‌

0.33‌

0.21‌

0.16‌

0.11‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.63‌

0.97‌

0.70‌

1.19‌

(2.34‌)

1.26‌

Total

from

Investment

Activities

0.63‌

1.33‌

1.03‌

1.40‌

(2.18‌)

1.37‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.39‌)

(0.22‌)

(0.06‌)

(0.28‌)

(0.26‌)

Net

Realized

Gains

—‌

(0.79‌)

(0.54‌)

(0.12‌)

(0.87‌)

(0.77‌)

Total

Dividends

—‌

(1.18‌)

(0.76‌)

(0.18‌)

(1.15‌)

(1.03‌)

Net

Asset

Value,

End

of

Period

$

13.32‌

$

12.69‌

$

12.54‌

$

12.27‌

$

11.05‌

$

14.38‌

Total

Return

(c)

4.96‌%

(d)

10.70‌%

8.28‌%

12.85‌%

(14.87‌)%

10.02‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

652,585‌

$

681,153‌

$

729,182‌

$

799,366‌

$

240,254‌

$

324,718‌

Net

Investment

Income/(Loss)

(e)

0.02‌%

2.80‌%

2.56‌%

1.77‌%

1.30‌%

0.74‌%

Expenses

Before

Reductions

*(e)(f)

0.14‌%

0.14‌%

0.14‌%

0.13‌%

0.14‌%

0.13‌%

Expenses

Net

of

Reductions

*(e)

0.14‌%

0.14‌%

0.14‌%

0.13‌%

0.14‌%

0.13‌%

Portfolio

Turnover

Rate

—‌%

(b)

(d)

11‌%

11‌%

16‌%

7‌%

10‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.5%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

26

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

DFA

Multi-Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

11.61‌

$

11.62‌

$

11.14‌

$

9.82‌

$

12.21‌

$

11.58‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

—‌

(b)

0.29‌

0.26‌

0.14‌

0.23‌

0.05‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.75‌

1.08‌

0.74‌

1.21‌

(1.69‌)

1.51‌

Total

from

Investment

Activities

0.75‌

1.37‌

1.00‌

1.35‌

(1.46‌)

1.56‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.35‌)

(0.14‌)

(0.02‌)

(0.11‌)

(0.17‌)

Net

Realized

Gains

—‌

(1.03‌)

(0.38‌)

(0.01‌)

(0.82‌)

(0.76‌)

Total

Dividends

—‌

(1.38‌)

(0.52‌)

(0.03‌)

(0.93‌)

(0.93‌)

Net

Asset

Value,

End

of

Period

$

12.36‌

$

11.61‌

$

11.62‌

$

11.14‌

$

9.82‌

$

12.21‌

Total

Return

(c)

6.46‌%

(d)

12.05‌%

8.95‌%

13.69‌%

(11.76‌)%

13.74‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

1,171,105‌

$

1,207,323‌

$

1,291,890‌

$

1,413,804‌

$

78,423‌

$

99,979‌

Net

Investment

Income/(Loss)

(e)

0.03‌%

2.42‌%

2.24‌%

1.38‌%

2.10‌%

0.42‌%

Expenses

Before

Reductions

*(e)(f)

0.23‌%

0.23‌%

0.23‌%

0.23‌%

0.30‌%

0.29‌%

Expenses

Net

of

Reductions

*(e)

0.13‌%

0.13‌%

0.13‌%

0.13‌%

0.15‌%

0.15‌%

Portfolio

Turnover

Rate

—‌%

(d)

9‌%

20‌%

18‌%

11‌%

13‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

27

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

13.70‌

$

13.35‌

$

12.23‌

$

11.03‌

$

13.55‌

$

13.00‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

—‌

(b)

0.36‌

0.29‌

0.20‌

0.10‌

0.05‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.53‌

0.69‌

1.06‌

1.18‌

(1.98‌)

1.36‌

Total

from

Investment

Activities

0.53‌

1.05‌

1.35‌

1.38‌

(1.88‌)

1.41‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.36‌)

(0.23‌)

(0.18‌)

(0.09‌)

(0.36‌)

Net

Realized

Gains

—‌

(0.34‌)

—‌

—‌

(0.55‌)

(0.50‌)

Total

Dividends

—‌

(0.70‌)

(0.23‌)

(0.18‌)

(0.64‌)

(0.86‌)

Net

Asset

Value,

End

of

Period

$

14.23‌

$

13.70‌

$

13.35‌

$

12.23‌

$

11.03‌

$

13.55‌

Total

Return

(c)

3.87‌%

(d)

7.91‌%

11.06‌%

12.63‌%

(13.81‌)%

11.07‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

250,367‌

$

265,953‌

$

296,145‌

$

329,932‌

$

182,383‌

$

243,789‌

Net

Investment

Income/(Loss)

(e)

0.01‌%

2.68‌%

2.23‌%

1.73‌%

0.81‌%

0.35‌%

Expenses

Before

Reductions

*(e)(f)

0.16‌%

0.16‌%

0.16‌%

0.15‌%

0.15‌%

0.14‌%

Expenses

Net

of

Reductions

*(e)

0.15‌%

0.15‌%

0.15‌%

0.15‌%

0.15‌%

0.14‌%

Portfolio

Turnover

Rate

—‌%

(b)

(d)

6‌%

3‌%

21‌%

8‌%

3‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.5%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

28

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

11.93‌

$

11.08‌

$

10.29‌

$

9.44‌

$

12.31‌

$

12.31‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

—‌

(b)

0.30‌

0.27‌

0.14‌

0.12‌

0.08‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.53‌

0.89‌

0.70‌

1.12‌

(2.12‌)

0.89‌

Total

from

Investment

Activities

0.53‌

1.19‌

0.97‌

1.26‌

(2.00‌)

0.97‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.34‌)

(0.18‌)

(0.41‌)

(0.32‌)

(0.20‌)

Net

Realized

Gains

—‌

—‌

—‌

—‌

(0.55‌)

(0.77‌)

Total

Dividends

—‌

(0.34‌)

(0.18‌)

(0.41‌)

(0.87‌)

(0.97‌)

Net

Asset

Value,

End

of

Period

$

12.46‌

$

11.93‌

$

11.08‌

$

10.29‌

$

9.44‌

$

12.31‌

Total

Return

(c)

4.44‌%

(d)

10.79‌%

9.44‌%

13.85‌%

(16.09‌)%

8.05‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

392,673‌

$

414,176‌

$

453,138‌

$

506,427‌

$

517,879‌

$

691,209‌

Net

Investment

Income/(Loss)

(e)

0.01‌%

2.65‌%

2.47‌%

1.44‌%

1.18‌%

0.61‌%

Expenses

Before

Reductions

*(e)(f)

0.14‌%

0.15‌%

0.14‌%

0.14‌%

0.13‌%

0.13‌%

Expenses

Net

of

Reductions

*(e)

0.14‌%

0.15‌%

0.14‌%

0.14‌%

0.13‌%

0.13‌%

Portfolio

Turnover

Rate

—‌%

(b)

(d)

5‌%

3‌%

6‌%

5‌%

5‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.5%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

29

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

Growth

Index

Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

14.78‌

$

14.83‌

$

14.00‌

$

12.50‌

$

16.66‌

$

15.77‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

—‌

(b)

0.31‌

0.31‌

0.20‌

0.19‌

0.14‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

1.04‌

1.41‌

1.39‌

1.84‌

(2.76‌)

2.36‌

Total

from

Investment

Activities

1.04‌

1.72‌

1.70‌

2.04‌

(2.57‌)

2.50‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.38‌)

(0.24‌)

(0.27‌)

(0.26‌)

(0.30‌)

Net

Realized

Gains

—‌

(1.39‌)

(0.63‌)

(0.27‌)

(1.33‌)

(1.31‌)

Total

Dividends

—‌

(1.77‌)

(0.87‌)

(0.54‌)

(1.59‌)

(1.61‌)

Net

Asset

Value,

End

of

Period

$

15.82‌

$

14.78‌

$

14.83‌

$

14.00‌

$

12.50‌

$

16.66‌

Total

Return

(c)

7.04‌%

(d)

11.80‌%

12.10‌%

16.81‌%

(15.10‌)%

16.40‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

1,643,850‌

$

1,697,468‌

$

1,840,315‌

$

1,999,828‌

$

1,982,487‌

$

2,641,569‌

Net

Investment

Income/(Loss)

(e)

0.02‌%

2.06‌%

2.06‌%

1.50‌%

1.32‌%

0.82‌%

Expenses

Before

Reductions

*(e)(f)

0.13‌%

0.13‌%

0.12‌%

0.12‌%

0.12‌%

0.12‌%

Expenses

Net

of

Reductions

*(e)

0.13‌%

0.13‌%

0.12‌%

0.12‌%

0.12‌%

0.12‌%

Portfolio

Turnover

Rate

—‌%

(d)

12‌%

14‌%

4‌%

10‌%

6‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

30

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

Moderate

Index

Strategy

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

13.36‌

$

13.40‌

$

12.84‌

$

11.61‌

$

15.50‌

$

15.11‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

—‌

(b)

0.34‌

0.31‌

0.18‌

0.17‌

0.12‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.85‌

1.14‌

0.98‌

1.46‌

(2.60‌)

1.70‌

Total

from

Investment

Activities

0.85‌

1.48‌

1.29‌

1.64‌

(2.43‌)

1.82‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.39‌)

(0.23‌)

(0.24‌)

(0.28‌)

(0.30‌)

Net

Realized

Gains

—‌

(1.13‌)

(0.50‌)

(0.17‌)

(1.18‌)

(1.13‌)

Total

Dividends

—‌

(1.52‌)

(0.73‌)

(0.41‌)

(1.46‌)

(1.43‌)

Net

Asset

Value,

End

of

Period

$

14.21‌

$

13.36‌

$

13.40‌

$

12.84‌

$

11.61‌

$

15.50‌

Total

Return

(c)

6.36‌%

(d)

11.26‌%

9.93‌%

14.59‌%

(15.38‌)%

12.46‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

290,822‌

$

305,008‌

$

334,850‌

$

379,315‌

$

391,943‌

$

523,972‌

Net

Investment

Income/(Loss)

(e)

0.01‌%

2.48‌%

2.32‌%

1.49‌%

1.31‌%

0.76‌%

Expenses

Before

Reductions

*(e)(f)

0.16‌%

0.15‌%

0.15‌%

0.14‌%

0.13‌%

0.13‌%

Expenses

Net

of

Reductions

*(e)

0.15‌%

0.15‌%

0.15‌%

0.14‌%

0.13‌%

0.13‌%

Portfolio

Turnover

Rate

—‌%

(b)

(d)

12‌%

12‌%

3‌%

8‌%

6‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.5%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Financial

Highlights

(Selected

data

for

a

share

of

beneficial

interest

outstanding

throughout

the

periods

indicated.

Does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Fund

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Fund

serves

as

an

investment

vehicle.)

31

See

accompanying

notes

to

the

financial

statements.

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Six

Months

Ended

June

30,

2026

Year

Ended

December

31,

2025

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

(Unaudited)

Net

Asset

Value,

Beginning

of

Period

$

12.45‌

$

12.53‌

$

12.08‌

$

11.23‌

$

15.13‌

$

14.07‌

Investment

Activities:

Net

Investment

Income/(Loss)

(a)

—‌

(b)

0.28‌

0.27‌

0.16‌

0.11‌

0.12‌

Net

Realized

and

Unrealized

Gains/(Losses)

on

Investments

0.69‌

0.77‌

1.32‌

1.69‌

(2.21‌)

2.21‌

Total

from

Investment

Activities

0.69‌

1.05‌

1.59‌

1.85‌

(2.10‌)

2.33‌

Distributions

to

Shareholders

From:

Net

Investment

Income

—‌

(0.46‌)

(0.65‌)

(1.00‌)

(1.02‌)

(0.55‌)

Net

Realized

Gains

—‌

(0.67‌)

(0.49‌)

—‌

(0.78‌)

(0.72‌)

Total

Dividends

—‌

(1.13‌)

(1.14‌)

(1.00‌)

(1.80‌)

(1.27‌)

Net

Asset

Value,

End

of

Period

$

13.14‌

$

12.45‌

$

12.53‌

$

12.08‌

$

11.23‌

$

15.13‌

Total

Return

(c)

5.54‌%

(d)

8.39‌%

13.23‌%

17.36‌%

(13.71‌)%

17.04‌%

Ratios

to

Average

Net

Assets/Supplemental

Data:

Net

Assets,

End

of

Period

(000's)

$

897,949‌

$

956,156‌

$

1,079,332‌

$

1,160,227‌

$

1,152,334‌

$

1,477,978‌

Net

Investment

Income/(Loss)

(e)

0.03‌%

2.19‌%

2.13‌%

1.37‌%

0.85‌%

0.78‌%

Expenses

Before

Reductions

*(e)(f)

0.13‌%

0.13‌%

0.13‌%

0.13‌%

0.12‌%

0.12‌%

Expenses

Net

of

Reductions

*(e)

0.13‌%

0.13‌%

0.13‌%

0.13‌%

0.12‌%

0.12‌%

Portfolio

Turnover

Rate

—‌%

(b)

(d)

14‌%

5‌%

9‌%

10‌%

10‌%

*

The

expense

ratios

exclude

the

impact

of

fees/expenses

paid

by

each

underlying

fund.

(a)

Calculated

using

the

average

shares

method.

(b)

Represents

less

than

$0.005

or

0.5%.

(c)

The

returns

include

reinvested

dividends

and

fund

level

expenses,

but

exclude

insurance

contract

charges.

If

these

charges

were

included,

the

returns

would

have

been

lower.

(d)

Not

annualized

for

periods

less

than

one

year.

(e)

Annualized

for

periods

less

than

one

year.

(f)

Excludes

fee

reductions,

if

any.

If

such

fee

reductions

had

not

occurred,

the

ratios

would

have

been

as

indicated.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

32

1.

Organization

The

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

June

16,

2004.

The

Trust

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended,

(the

“1940

Act”)

and

thus

is

determined

to

be

an

investment

company,

and

follows

the

investment

company

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946

“Financial

Services—Investment

Companies.”

The

Trust

consists

of nine

separate

investment

portfolios,

as

shown

below (individually,

a

“Fund”,

and collectively,

the

“Funds”).

Each

Fund is

a

diversified

series

of

the

Trust.

AZL

Balanced

Index

Strategy

Fund

AZL

DFA

Multi-Strategy

Fund

AZL

MVP

Balanced

Index

Strategy

Fund

AZL

MVP

DFA

Multi-Strategy

Fund

AZL

MVP

Fidelity

Institutional

Asset Management

Multi-Strategy

Fund 

AZL

MVP

Global

Balanced

Index

Strategy

Fund

AZL

MVP

Growth

Index

Strategy

Fund

AZL

MVP

Moderate

Index

Strategy

Fund

AZL

MVP T.

Rowe

Price

Capital

Appreciation

Plus Fund

The

Funds are

“fund

of

funds”,

which

means

that

the

Funds

invest

primarily

in

other

mutual

funds

(the

“Underlying

Funds”).

Underlying

Funds

invest

in

stocks,

bonds,

and

other

securities

and

reflect

varying

amounts

of

potential

investment

risk

and

reward.

The

Underlying

Funds

record

their

investments

at

fair

value.

Periodically,

the

Funds

will

adjust their

asset

allocations

as they

seek

to

achieve their

investment

objectives.

Each

Fund,

other

than AZL

Balanced

Index

Strategy

Fund and

AZL

DFA

Multi-Strategy

Fund,

allocates

a

portion

of

its

assets

to

the MVP

(Managed

Volatility

Portfolio)

risk

management

process

(each

such

Fund,

an

“MVP

Fund”,

and

collectively,

the

“MVP

Funds”). 

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

each

Fund

without

par

value.

Shares

of

the

Funds

are

available

through

the

variable

annuity

contracts

offered

through

the

separate

accounts

of

participating

insurance

companies.

Currently,

the

Funds

only

offer their

shares

to

separate

accounts

of

Allianz

Life

Insurance

Company

of

North

America

and

Allianz

Life

Insurance

Company

of

New

York,

affiliates

of

the

Trust

and

the

Manager,

as

defined

below.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

with their

vendors

and

others

that

provide

for

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

that

risk

of

loss

to

be

remote.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of their

financial

statements.

The

policies

conform

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”).

The

preparation

of

financial

statements

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Security

Valuation

The

Funds

record their

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

willing

market

participants

at

the

measurement

date.

The

valuation

techniques

used

to

determine

fair

value

are

further

described

in

Note

4

below. 

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

on

the

trade

date.

Net

realized

gains

and

losses

on

investments

sold

and

on

foreign

currency

transactions

are

recorded

on

the

basis

of

identified

cost.

Interest

income

is

recorded

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

in

the

case

of

foreign

securities,

in

which

case

dividends

are

recorded

as

soon

as

such

information

becomes

available.

Private

Placements

The

AZL

MVP

Global

Balanced

Index

Strategy

Fund

and

Underlying

Funds

may

invest

in

privately

placed

securities which

are

securities

issued

by

corporations

without

registration

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

in

reliance

on

a

“private

placement”

exemption.

These

unregistered

securities

may

be

restricted

and

generally

are

sold

to

institutional

investors,

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

33

such

as

the

Funds,

who

agree

that

they

are

purchasing

the

securities

for

investment

and

not

with

a

view

to

public

distribution.

Unregistered

securities

are

normally

resold

to

other

institutional

investors

through

or

with

the

assistance

of

the

issuer

or

investment

dealers

who

make

a

market

in

such

securities.

Foreign

Currency

Translation

and

Withholding

Taxes

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

are

translated

into

U.S.

dollars

at

the

current

rate

of

exchange

to

determine

the

fair

value

of

investments,

assets

and

liabilities.

Purchases

and

sales

of

securities,

and

income

and

expenses

are

translated

at

the

prevailing

rate

of

exchange

on

the

respective

dates

of

such

transactions.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

in

the

net

realized

and

unrealized

gain

or

loss

on

investments

and

foreign

currencies.

Income

received

by

the

Funds

from

sources

within

foreign

countries

may

be

subject

to

withholding

and

other

income

or

similar

taxes

imposed

by

such

countries.

The

Funds

accrue

such

taxes,

as

applicable,

based

on

their

current

interpretation

of

tax

rules

in

the

foreign

markets

in

which

they

invest.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Funds

distribute their

dividends

from

net

investment

income

and

net

realized

capital

gains,

if

any,

on

an

annual

basis.

The

amount

of

distributions

from

net

investment

income

and

from

net

realized

gains

is

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/

tax”

differences

are

either

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent

in

nature

(e.g.,

return

of

capital,

net

operating

loss,

reclassification

of

certain

market

discounts,

gain/loss,

paydowns,

and

distributions),

such

amounts

are

reclassified

within

the

composition

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales

and

differing

treatment

on

certain

investments)

do

not

require

reclassification.

Distributions

to

shareholders

that

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes

are

reported

as

distributions

of

capital. 

Expense

Allocation

Expenses

directly

attributable

to

a

specific

Fund

are

charged

directly

to

that

Fund,

while

expenses

attributable

to

more

than

one

Fund

are

allocated

among

the

respective

Funds

based

upon

relative

net

assets

or

some

other

reasonable

method.

Expenses

which

are

attributable

to

more

than

one

Trust

are

allocated

across

the

Trust,

the

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust

based

upon

relative

net

assets

or

another

reasonable

basis.

Allianz

Investment

Management

LLC

(the

“Manager”)

serves

as

the

investment

manager

for

the

Trust,

Allianz

Variable

Insurance

Products

Trust

and

AIM

ETF

Products

Trust.

This

report

does

not

reflect

fees

or

expenses

associated

with

the

separate

accounts

that

invest

in

the

Funds

or

in

any

variable

annuity

contracts

or

variable

life

insurance

policy

for

which

the

Funds

serve

as

an

investment

vehicle.

Affiliated

Securities

Transactions

Pursuant

to

Rule

17a-7

under

the

1940

Act,

the

Funds

may

engage

in

securities

transactions

with

affiliated

investment

companies

and

advisory

accounts

managed

by

the

Manager.

Any

such

purchase

or

sale

transaction

must

be

effected

without

a

brokerage

commission

or

other

remuneration,

except

for

customary

transfer

fees.

The

transaction

must

be

effected

at

the

current

market

price,

which

is

either

the

security’s

last

sale

price

on

an

exchange

or,

if

there

are

no

transactions

in

the

security

that

day,

at

the

average

of

the

highest

bid

and

lowest

asked

price.

During

the

period

ended

June

30,

2026,

the

Funds

did

not

engage

in

any

Rule

17a-7

transactions. 

Derivative

Instruments

All

open

derivative

positions

at

period

end

are

reflected

on

the

MVP

Funds’ Schedules

of

Portfolio

Investments.

The

following

is

a

description

of

the

derivative

instruments

utilized

by

the

MVP Funds,

including

the

primary

underlying

risk

exposures

related

to

each

instrument

type.

The

MVP

Funds’

allocation

to

the

MVP

risk

management

process

may

include

(a)

derivatives

such

as

index

futures,

other

futures

contracts,

options,

and

other

similar

securities

and

(b)

cash,

money

market

equivalents,

short-term

debt

instruments,

money

market

funds,

and

short-term

debt

funds

to

satisfy

all

applicable

margin

requirements

and

to

provide

additional

portfolio

liquidity

to

satisfy

large

redemptions

and

any

margin

calls.

Due

to

the

leverage

provided

by

derivatives,

the

notional

value

of an

MVP Fund’s

derivative

positions

could

exceed

20%

of the

Fund’s

value.

The

MVP Funds

may

also

use

futures

to

gain

equity

exposure

and

may

hold

cash

as

a

buffer

in

the

event

of

market

shocks.

During

the

period

ended

June

30,

2026,

the

AZL

Balanced

Index

Strategy

Fund

and

the

AZL

DFA

Multi-Strategy

Fund

did

not

directly

invest

in

derivatives. 

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

34

Futures

Contracts

During

the

period

ended

June

30,

2026, the

MVP

Funds

invested

in

futures

contracts

to

reduce

volatility

and

limit

the

need

to

decrease

or

increase

allocations

to

underlying

funds.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices.

Upon

entering

into

a

futures

contract,

the

MVP Funds are

required

to

segregate

liquid

assets

in

accordance

with

the

initial

margin

requirements

of

the

broker

or

exchange.

Futures

contracts

are

marked

to

market

daily

and

a

payable

or

receivable

for

the

change

in

value

(“variation

margin”),

if

any,

is

recorded

by

the

MVP Funds.

Gains

or

losses

are

recognized

but

not

considered

realized

until

the

contracts

expire

or

are

closed.

Futures

contracts

involve,

to

varying

degrees,

elements

of

market

risk

(generally

equity

price

risk

related

to

stock

futures,

interest

rate

risk

related

to

bond

futures,

and

foreign

currency

risk

related

to

currency

futures)

and

exposure

to

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

the

imperfect

correlation

between

the

change

in

value

of

the

underlying

securities

and

the

prices

of

futures

contracts,

the

possibility

of

an

illiquid

market,

and

the

inability

of

the

counterparty

to

meet

the

terms

of

the

contract.

Realized

gains

and

losses

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Statements

of

Operations. 

For

the

period

ended

June

30,

2026,

the

monthly

average

notional

amounts

were

as

follows:

Summary

of

Derivative

Instruments

The

following

is

a

summary

of

the

values

of

derivative

instruments

on

the

Funds’

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2026: 

*

For

futures

contracts,

the

amounts

represent

the

cumulative

appreciation/(depreciation)

of

these

futures

contracts

as

reported

in

the

Funds

’

Schedules

of

Portfolio

Investments.

Only

the

current

day

’

s

variation

margin,

if

any,

is

reported

within

the

Funds

’

Statements

of

Assets

and

Liabilities

as

“

Variation

margin

on

futures

contracts.”

Fund

Name

Long

Contracts

Short

Contracts

AZL

MVP

Balanced

Index

Strategy

Fund

$

30,016,103‌

$

2,957,865‌

AZL

MVP

DFA

Multi-Strategy

Fund

59,004,150‌

–‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

10,925,236‌

1,931,667‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

18,038,727‌

1,448,750‌

AZL

MVP

Growth

Index

Strategy

Fund

72,028,311‌

13,883,854‌

AZL

MVP

Moderate

Index

Strategy

Fund

13,889,875‌

–‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

45,108,976‌

–‌

Primary

Risk

Exposure

Derivative

Classification

Asset

Derivatives*

Liability

Derivatives*

Equity

Risk:

AZL

MVP

Balanced

Index

Strategy

Fund

Futures

Contracts

$

110,868‌

$

–‌

AZL

MVP

DFA

Multi-Strategy

Fund

Futures

Contracts

236,674‌

–‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Futures

Contracts

8,698‌

–‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Futures

Contracts

56,88

5‌

–‌

AZL

MVP

Growth

Index

Strategy

Fund

Futures

Contracts

417,398‌

–‌

AZL

MVP

Moderate

Index

Strategy

Fund

Futures

Contracts

49,587‌

–‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Futures

Contracts

183,15

7‌

–‌

Interest

Rate

Risk:

AZL

MVP

Balanced

Index

Strategy

Fund

Futures

Contracts

$

35,480‌

$

–‌

AZL

MVP

DFA

Multi-Strategy

Fund

Futures

Contracts

51,72

5‌

–‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Futures

Contracts

17,035‌

–‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Futures

Contracts

21,738‌

–‌

AZL

MVP

Growth

Index

Strategy

Fund

Futures

Contracts

45,085‌

–‌

AZL

MVP

Moderate

Index

Strategy

Fund

Futures

Contracts

12,790‌

–‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Futures

Contracts

39,035‌

–‌

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

35

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Funds’

Statements

of

Operations,

categorized

by

risk

exposure, for

the

period ended

June

30,

2026: 

*

Realized

gains

and

losses

of

futures

contracts

are

reported

as

“Net

realized

gains/(losses)

on

futures

contracts”

on

the

Funds'

Statements

of

Operations.

Changes

in

net

unrealized

appreciation/(depreciation)

on

futures

contracts

are

reported

as

“Change

in

net

unrealized

appreciation/

(depreciation)

on

futures

contracts”

on

the

Funds

’

Statements

of

Operations. 

3.

Fees

and

Transactions

with

Affiliates

and

Other

Parties

The

Manager

provides

investment

advisory

and

management

services

for

the

Funds.

The

Manager

is

entitled

to

a

fee,

computed

daily

and

paid

monthly,

based

on

average

daily

net

assets

of

each

Fund.

Expenses

incurred

for

investment

advisory

and

management

services

are

reflected

on

the

Statements

of

Operations

as

“Management

fees.”

The

Manager

has

contractually

agreed

to

waive

fees

and

assume

certain

expenses

of each

Fund to

limit

the

annual

expenses,

excluding

(i)

brokerage

expenses

(including

any

costs

incidental

to

transactions

in

portfolio

securities

or

instruments),

(ii)

acquired

fund

fees

and

expenses,

(iii)

taxes,

(iv)

interest

(including

borrowing

costs

and

dividend

expenses

on

securities

sold

short

and

overdraft

charges),

(v)

litigation

expenses

(including

litigation

to

which

the

Trust

or

the

Fund may

be

a

party

and

indemnification

of

the

Trustees

and

officers

with

respect

thereto),

and

(vi)

other

extraordinary

or

non-routine

expenses

(including

expenses

arising

from

mergers,

acquisitions

or

similar

transactions

involving

any

Fund),

based

on

the

average

net

assets

of

each

Fund,

through

April

30,

2027.

For

the

period

ended

June

30,

2026,

the

annual

management

fee

rates

due

to

the

Manager

and

the

annual

expense

limits

were

as

follows:

*

The

Manager

waived,

prior

to

any

application

of

expense

limit,

the

management

fee

to

0.10%

on

all

assets

of

the

AZL

MVP

DFA

Multi-Strategy

Fund

in

order

to

maintain

a

more

competitive

expense

ratio.

The

Manager

reserves

the

right

to

increase

the

management

fee

to

the

amount

shown

in

the

table

above

(i.e.,

discontinue

the

waiver)

at

any

time

after

April

30,

2027.

Primary

Risk

Exposure

Derivative

Classification

Realized

Gains/(Losses)

on

Derivatives

Recognized*

Change

in

Net

Unrealized

Appreciation/

(Depreciation)

Derivatives

Recognized*

Equity

Risk:

AZL

MVP

Balanced

Index

Strategy

Fund

Futures

Contracts

$

(2,784,789‌)

$

105,191‌

AZL

MVP

DFA

Multi-Strategy

Fund

Futures

Contracts

1,798,34

3‌

223,681‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Futures

Contracts

(1,286,545‌)

6,960‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Futures

Contracts

(1,331,302‌)

52,581‌

AZL

MVP

Growth

Index

Strategy

Fund

Futures

Contracts

(13,919,210‌)

393,630‌

AZL

MVP

Moderate

Index

Strategy

Fund

Futures

Contracts

(249,584‌)

46,575‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Futures

Contracts

1,346,25

1‌

172,712‌

Interest

Rate

Risk:

AZL

MVP

Balanced

Index

Strategy

Fund

Futures

Contracts

$

(510,720‌)

$

182,056‌

AZL

MVP

DFA

Multi-Strategy

Fund

Futures

Contracts

(730,896‌)

256,040‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

Futures

Contracts

(229,791‌)

86,004‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Futures

Contracts

(304,991‌)

110,172‌

AZL

MVP

Growth

Index

Strategy

Fund

Futures

Contracts

(609,765‌)

224,459‌

AZL

MVP

Moderate

Index

Strategy

Fund

Futures

Contracts

(178,452‌)

63,877‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

Futures

Contracts

(571,592‌)

201,447‌

Fund

Name

Annual

Rate

Annual

Expense

Limit

AZL

Balanced

Index

Strategy

Fund

0.05%

0.20%

AZL

DFA

Multi-Strategy

Fund

0.05%

0.20%

AZL

MVP

Balanced

Index

Strategy

Fund

0.10%

0.20%

AZL

MVP

DFA

Multi-Strategy

Fund

0.20%

*

0.15%

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

0.10%

0.15%

AZL

MVP

Global

Balanced

Index

Strategy

Fund

0.10%

0.15%

AZL

MVP

Growth

Index

Strategy

Fund

0.10%

0.20%

AZL

MVP

Moderate

Index

Strategy

Fund

0.10%

0.15%

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

0.10%

0.15%

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

36

Any

amounts

contractually

waived

or

assumed

by

the

Manager

with

respect

to

each

Fund’s

annual

expense

limit

may

be

reimbursed

by

the

Fund

to

the

Manager

to

the

extent

that

such

reimbursement

will

not

cause

the

Fund’s

expenses

to

exceed

(i)

the

expense

limit

then

in

effect;

or

(ii)

the

expense

limit

in

effect

at

the

time

the

fees

and/or

expenses

were

waived

or

assumed;

provided,

however,

that

such

reimbursement

shall

only

be

made

for

a

period

of

three

years

following

the

end

of

the

month

in

which

the

waiver

or

assumption

was

made.

Any

amounts

recouped

by

the

Manager

during

the

period

are

reflected

on

the

Statements

of

Operations

as

“Recoupment

of

prior

expenses

reimbursed

by

the

Manager.”

At

June

30,

2026,

the

contractual

reimbursements

subject

to

repayment

by

the

Funds

in

subsequent

years

were

as

follows:

The

Funds

have

not

recorded

a

commitment

or

contingent

liability

at

June

30,

2026.

Management

fees,

which

the

Manager

may

waive

in

order

to

maintain

more

competitive

expense

ratios,

are

not

subject

to

repayment

in

subsequent

years.

Information

on

the

total

amount

waived/reimbursed

by

the

Manager

or

repaid

to

the

Manager

by

the

Funds

during

the

period

can

be

found

on

the

Statements

of

Operations,

as

applicable.

The

Manager

serves

as

the

investment

adviser

of

the

underlying

funds

in

which

the

Funds

invest.

At

June

30,

2026,

these

underlying

funds

are

noted

as

Affiliated

Investment

Companies

in

the

Funds’

Schedules

of

Portfolio

Investments.

Additional

information,

including

financial

statements,

about

these

Funds

is

available

at

www.allianzlife.com.

The

Manager

is

paid

a

separate

fee

from

the

underlying

funds

for

such

services.

A

summary

of

the

Funds’

investments

in

affiliated

investment

companies

for

the

period

ended

June

30,

2026

is

as

follows

(in

U.S.

dollars):

Fund

Name

Expires

12/31/2027

Expires

12/31/2028

Expires

12/31/2029

Total

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

$

35,422

$

17,910

$

16,546

$

69,878

AZL

MVP

Moderate

Index

Strategy

Fund

—

9,088

9,642

18,730

Value

12/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains/

(Losses)

Change

in

Net

Unrealized

Appreciation/

(Depreciation)

Value

6/30/26

Shares

as

of

6/30/26

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

160,842,287

2,684,212

(8,056,633)

(760,121)

1,420,899

156,130,644

15,915,458

—

—

AZL

International

Index

Fund,

Class

2

45,194,569

69,091

(3,982,693)

1,723,128

2,518,315

45,522,410

1,895,188

—

—

AZL

Mid

Cap

Index

Fund,

Class

2

9,544,251

74,942

(817,101)

23,192

1,549,273

10,374,557

539,779

—

—

AZL

S&P

500

Index

Fund,

Class

2

99,476,233

416,208

(9,306,880)

1,377,192

8,214,237

100,176,990

3,958,000

—

—

AZL

Small

Cap

Stock

Index

Fund,

Class

2

6,298,246

102,819

(676,387)

215,372

1,221,200

7,161,250

518,931

—

—

321,355,586

3,347,272

(22,839,694)

2,578,763

14,923,924

319,365,851

—

—

AZL

DFA

Multi-

Strategy

Fund

AZL

DFA

International

Core

Equity

Fund

105,254,627

4,962

(13,072,926)

3,001,252

5,908,407

101,096,322

7,278,353

—

—

AZL

DFA

U.S.

Core

Equity

Fund

274,072,207

—

(37,145,116)

7,514,193

22,403,696

266,844,980

14,816,490

—

—

AZL

Enhanced

Bond

Index

Fund

251,164,336

116,282

(13,020,665)

155,119

879,444

239,294,516

24,392,917

—

—

630,491,170

121,244

(63,238,707)

10,670,564

29,191,547

607,235,818

—

—

AZL

MVP

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

324,291,625

13,609

(17,629,582)

(567,368)

1,911,614

308,019,898

31,398,562

—

—

AZL

International

Index

Fund,

Class

2

95,771,982

—

(13,125,144)

4,167,673

4,738,990

91,553,501

3,811,553

—

—

AZL

Mid

Cap

Index

Fund,

Class

2

20,203,827

—

(3,514,921)

(313,889)

3,563,749

19,938,766

1,037,397

—

—

AZL

S&P

500

Index

Fund,

Class

2

193,599,998

202,291

(24,739,644)

3,213,084

15,201,794

187,477,523

7,407,251

—

—

AZL

Small

Cap

Stock

Index

Fund,

Class

2

13,412,946

—

(3,004,914)

353,333

2,607,793

13,369,158

968,780

—

—

647,280,378

215,900

(62,014,205)

6,852,833

28,023,940

620,358,846

—

—

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

37

Value

12/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains/

(Losses)

Change

in

Net

Unrealized

Appreciation/

(Depreciation)

Value

6/30/26

Shares

as

of

6/30/26

Dividend

Income

Net

Realized

Gains

Distributions

from

Affiliated

Underlying

Funds

AZL

MVP

DFA

Multi-

Strategy

Fund

AZL

DFA

International

Core

Equity

Fund

200,746,670

—

(22,323,506)

5,124,700

11,871,107

195,418,971

14,069,040

—

—

AZL

DFA

U.S.

Core

Equity

Fund

489,028,742

—

(62,953,007)

8,986,647

44,786,104

479,848,486

26,643,447

—

—

AZL

Enhanced

Bond

Index

Fund

458,154,186

—

(22,278,014)

165,417

1,699,118

437,740,707

44,621,887

—

—

1,147,929,598

—

(107,554,527)

14,276,764

58,356,329

1,113,008,164

—

—

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund

AZL

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund,

Class

2

252,728,636

862,978

(26,408,336)

5,446,010

5,454,080

238,083,368

14,196,981

—

—

AZL

MVP

Global

Balanced

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

196,724,962

117,345

(12,929,102)

(1,797,354)

2,634,048

184,749,899

18,832,813

—

—

AZL

MSCI

Global

Equity

Index

Fund,

Class

2

196,813,111

310,895

(26,505,488)

10,004,594

7,777,120

188,400,232

8,266,794

—

—

393,538,073

428,240

(39,434,590)

8,207,240

10,411,168

373,150,131

—

—

AZL

MVP

Growth

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

397,657,721

—

(18,573,386)

(2,242,174)

3,829,175

380,671,336

38,804,417

—

—

AZL

International

Index

Fund,

Class

2

359,665,304

—

(46,356,364)

18,336,223

15,103,455

346,748,618

14,435,829

—

—

AZL

Mid

Cap

Index

Fund,

Class

2

77,387,901

—

(13,747,412)

854,184

11,454,776

75,949,449

3,951,584

—

—

AZL

S&P

500

Index

Fund,

Class

2

726,507,099

—

(86,858,335)

16,112,498

51,885,447

707,646,709

27,959,175

—

—

AZL

Small

Cap

Stock

Index

Fund,

Class

2

51,866,551

—

(11,867,842)

1,994,026

9,202,350

51,195,085

3,709,789

—

—

1,613,084,576

—

(177,403,339)

35,054,757

91,475,203

1,562,211,197

—

—

AZL

MVP

Moderate

Index

Strategy

Fund

AZL

Enhanced

Bond

Index

Fund

115,843,854

599,698

(7,372,308)

(816,662)

1,301,161

109,555,743

11,167,762

—

—

AZL

International

Index

Fund,

Class

2

50,627,727

—

(7,151,403)

2,862,544

1,836,605

48,175,473

2,005,640

—

—

AZL

Mid

Cap

Index

Fund,

Class

2

10,678,255

33,736

(2,098,589)

(72,133)

1,768,925

10,310,194

536,431

—

—

AZL

S&P

500

Index

Fund,

Class

2

105,154,726

—

(13,920,731)

2,506,540

7,383,586

101,124,121

3,995,422

—

—

AZL

Small

Cap

Stock

Index

Fund,

Class

2

7,557,963

16,790

(1,808,568)

357,685

1,290,691

7,414,561

537,287

—

—

289,862,525

650,224

(32,351,599)

4,837,974

13,580,968

276,580,092

—

—

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

AZL

Enhanced

Bond

Index

Fund

171,929,288

162,186

(14,310,758)

(1,583,121)

2,306,572

158,504,167

16,157,407

—

—

AZL

S&P

500

Index

Fund,

Class

2

257,679,886

—

(37,601,343)

16,245,576

7,680,142

244,004,261

9,640,627

—

—

AZL

T.

Rowe

Price

Capital

Appreciation

Fund

479,141,825

—

(50,697,152)

3,117,454

19,989,564

451,551,691

25,453,872

—

—

908,750,999

162,186

(102,609,253)

17,779,909

29,976,278

854,060,119

—

—

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

38

Pursuant

to

separate

agreements

between

the

Trust

and

the

Manager,

the

Manager

provides

a

Chief

Compliance

Officer

(“CCO”)

and

certain

compliance

oversight

and

regulatory

filing

services

to

the

Trust.

Under

these

agreements,

the

Manager

is

entitled

to

an

amount

equal

to

a

portion

of

the

compensation

and

certain

other

expenses

related

to

the

individuals

performing

the

CCO

and

compliance

oversight

services,

as

well

as

$100

per

hour

for

time

incurred

in

connection

with

the

preparation

and

filing

of

certain

documents

with

the

Securities

Exchange

Commission.

The

fees

are

paid

to

the

Manager

on

a

quarterly

basis.

Adviser

Compliance

Associates,

LLC

(“ACA”)

provides

Principal

Financial

Officer

(“PFO”)

and

support

services

to

the

CCO

of

the

Trust.

For

these

services,

ACA

receives

an

annual

base

fee

and

additional

per

fund

fees. The

total

expenses

incurred

by

the

Funds

for

these

services

are

reflected

on

the

Statements

of

Operations

as

“Administrative

and

compliance

services

fees.”

Citi

Fund

Services

Ohio,

Inc.

(“Citi”

or

the

“Administrator”),

a

wholly

owned

subsidiary

of

Citigroup,

Inc.,

serves

as

the

Trust’s

administrator

and

fund

accountant,

and

assists

the

Trust

in

all

aspects

of

its

administration

and

operation.

The

Administrator

is

entitled

to

a

fee,

accrued

daily

and

paid

monthly.

The

Administrator

is

entitled

to

an

annual

fee

for

each

additional

class

of

shares

of

any

Fund

and certain

annual

fees

in

supporting

fair

value

services. 

The

Administrator

is

also

reimbursed

for

certain

expenses

incurred.

The

total

expenses

incurred

by

the

Funds

for

these

services

are

reflected

on

the

Statements

of

Operations

as

“Administration

fees.”

FIS

Investor

Services

LLC

(“FIS”)

serves

as

the

Funds’

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

The

Bank

of

New

York

Mellon

(“BNY”

or

the

“Custodian”)

serves

as

the

Trust’s

custodian.

For

these

services

as

custodian,

the

Funds

pay

BNY

a

fee

based

on

a

percentage

of

assets

held

on

behalf

of

the

Funds,

plus

certain

out-of-pocket

charges.

Allianz

Life

Financial

Services,

LLC

(“ALFS”),

an

affiliate

of

the

Manager,

serves

as

distributor

of

the

Funds.

ALFS

receives

a

Trust-

wide

annual

fee

of

$7,500,

paid

by

the

Manager

from

its

profits

and

not

by

the

Trust,

for

recordkeeping

and

reporting

services.

Certain

Officers

and

Trustees

of

the

Trust

are

affiliated

with

the

Manager.

Such

Officers

(except

for

the

Trust’s

CCO

as

noted

above)

and

Trustees

receive

no

compensation

from

the

Trust

for

serving

in

their

respective

roles.

4.

Investment

Valuation

Summary

The

valuation

techniques

employed

by

the

Funds,

as

described

below,

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds’

investments

are

summarized

in

the

three

broad

levels

listed

below:

•

Level

1

—

quoted

prices

in

active

markets

for

identical

assets

•

Level

2

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayments

speeds,

credit

risk,

etc.)

•

Level

3

—

significant

unobservable

inputs

(including

the

Funds’

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodology

used

for

valuing

investments

is

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments.

Security

prices

are

determined

pursuant

to

valuation

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”

or

“Trustees”)

as

of

the

close

of

the

New

York

Stock

Exchange

(“NYSE”)

(generally

4:00

pm

Eastern

Time).

Investments

in

open-end

investment

companies

are

valued

at

their

respective

net

asset

values

as

reported

by

such

companies

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Equity

securities

are

valued

at

the

last

quoted

sale

price

or,

if

there

is

no

sale,

the

last

quoted

bid

price

is

used.

Securities

listed

on

Nasdaq

are

valued

at

the

Nasdaq official

closing

price.

In

each

of

these

situations,

valuations

are

typically

categorized

as

a

Level

1

in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

prices

established

each

day

on

the

primary

exchange

and

are

typically

categorized

as

Level

1

in

the

fair

value

hierarchy.

Debt

and

other

fixed

income

securities

are

generally

valued

at

an

evaluated

bid

price

provided

by

an

independent

pricing

source

in

accordance

with

valuation

procedures

approved

by

the

Board.

To

value

debt

securities,

pricing

services

may

use

various

pricing

techniques

which

take

into

account

appropriate

factors

such

as

market

activity,

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics,

call

features,

credit

ratings

and

other

data,

as

well

as

broker

quotes.

Short-term

securities

of

sufficient

credit

quality

with

sixty

days

or

less

remaining

until

maturity

may

be

valued

at

amortized

cost,

which

approximates

fair

value.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

Other

assets

and

securities

for

which

market

quotations

have

become

unreliable

or

are

not

readily

available

as

defined

in

Rule

2a-5

under

the

1940

Act

are

valued

in

accordance

with

valuation

procedures

approved

by

the

Board.

Fair

value

pricing

may

be

used

for

significant

events

such

as

securities

whose

trading

has

been

suspended,

whose

price

has

become

stale

or

for

which

there

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

39

is

no

currently

available

price

at

the

close

of

the

NYSE.

Depending

on

the

source

and

relative

significance

of

valuation

inputs,

these

instruments

may

be

classified

as

Level

2

or

Level

3

in

the

fair

value

hierarchy.

The

Funds

utilize

a

pricing

service

to

assist

in

determining

the

fair

value

of

securities

when

certain

significant

events

occur

that

may

affect

the

value

of

foreign

securities.

In

accordance

with

valuation

procedures

approved

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds’

net

asset

values are

calculated.

Management

identifies

possible

fluctuations

in

international

securities

by

monitoring

the

increase

or

decrease

in

the

value

of

a

designated

benchmark

index.

In

the

event

of

an

increase

or

decrease

greater

than

predetermined

levels,

the

Funds

may

use

a

systematic

valuation

model

provided

by

an

independent

third

party

to

fair

value

its

international

equity

securities

which

are

then

typically

categorized

as

Level

2

in

the

fair

value

hierarchy.

In

the

event

that

unobservable

inputs

are

used

when

determining

valuations,

the

securities

will

be

classified

as

Level

3

in

the

fair

value

hierarchy.

Altering

one

or

more

unobservable

inputs

may

result

in

a

significant

change

to

a

Level

3

security’s

fair

value

measurement.

When

determining

the

fair

value

of

securities,

some

of

the

factors

influencing

the

valuation

include:

the

nature

of

any

restrictions

on

disposition

of

the

securities;

assessment

of

the

general

liquidity

of

the

securities;

the

issuer’s

financial

condition

and

the

markets

in

which

it

does

business;

the

cost

of

the

investment;

the

size

of

the

holding

and

the

capitalization

of

the

issuer;

the

prices

of

any

recent

transactions

or

bids/offers

for

such

securities

or

any

comparable

securities;

and

any

other

information

deemed

reliable

by

the

Manager

regarding

the

issuer

or

the

markets

or

industry

in

which

it

operates.

The

Board

has

designated

the

Manager

to

perform

the

Funds’

fair

value

determinations

in

accordance

with

valuation

procedures

approved

by

the

Board.

The

effect

of

using

fair

value

pricing

is

that

the

Funds’ net

asset

values will

be

subject

to

the

judgment

of

the

Manager.

The

Manager’s

fair

valuation

process

is

subject

to

the

oversight

of

the

Board.

The

following

is

a

summary

of

the

valuation

inputs

used

as

of

June

30,

2026

in

valuing

the

Funds’

investments

based

upon

the

three

levels

defined

above:

Investment

Securities:

Level

1

Level

2

Level

3

Total

AZL

Balanced

Index

Strategy

Fund

—‌

—‌

—‌

Affiliated

Investment

Companies

$

319,365,851‌

$

—‌

$

—‌

$

319,365,851‌

Total

Investment

Securities

$

319,365,851‌

$

—‌

$

—‌

$

319,365,851‌

AZL

DFA

Multi-Strategy

Fund

—‌

—‌

—‌

Affiliated

Investment

Companies

$

607,235,818‌

$

—‌

$

—‌

$

607,235,818‌

Total

Investment

Securities

$

607,235,818‌

$

—‌

$

—‌

$

607,235,818‌

AZL

MVP

Balanced

Index

Strategy

Fund

—‌

—‌

—‌

Affiliated

Investment

Companies

$

620,358,846‌

$

—‌

$

—‌

$

620,358,846‌

Total

Investment

Securities

620,358,846‌

—‌

—‌

620,358,846‌

Other

Financial

Instruments:

*

Futures

Contracts

146,348‌

—‌

—‌

146,348‌

—‌

—‌

—‌

—‌

Total

Investments

$

620,505,194‌

$

—‌

$

—‌

$

620,505,194‌

AZL

MVP

DFA

Multi-Strategy

Fund

—‌

—‌

—‌

Affiliated

Investment

Companies

$

1,113,008,164‌

$

—‌

$

—‌

$

1,113,008,164‌

Total

Investment

Securities

1,113,008,164‌

—‌

—‌

1,113,008,164‌

Other

Financial

Instruments:

*

Futures

Contracts

288,399‌

—‌

—‌

288,399‌

—‌

—‌

—‌

—‌

Total

Investments

$

1,113,296,563‌

$

—‌

$

—‌

$

1,113,296,563‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-

Strategy

Fund

—‌

—‌

—‌

Affiliated

Investment

Company

$

238,083,368‌

$

—‌

$

—‌

$

238,083,368‌

Total

Investment

Securities

238,083,368‌

—‌

—‌

238,083,368‌

Other

Financial

Instruments:

*

Futures

Contracts

25,733‌

—‌

—‌

25,733‌

—‌

—‌

—‌

—‌

Total

Investments

$

238,109,101‌

$

—‌

$

—‌

$

238,109,101‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

—‌

—‌

—‌

Private

Placements

+

$

—‌

$

—‌

$

111,747‌

$

111,747‌

Convertible

Bond

+

—‌

—‌

—‌

#

—‌

Corporate

Bonds

+

—‌

—‌

5,626‌

5,626‌

Affiliated

Investment

Companies

373,150,131‌

—‌

—‌

373,150,131‌

Total

Investment

Securities

373,150,131‌

—‌

117,373‌

373,267,504‌

Other

Financial

Instruments:

*

Futures

Contracts

78,623‌

—‌

—‌

78,623‌

—‌

—‌

—‌

—‌

Total

Investments

$

373,228,754‌

$

—‌

$

117,373‌

$

373,346,127‌

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

40

5.

Security

Purchases

and

Sales

For

the

period

ended June

30,

2026,

cost

of

purchases

and

proceeds

from

sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

were

as

follows: 

6.

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

1933

Act

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

Whether

a

restricted

security

is

illiquid

is

determined

pursuant

to

guidelines

established

by

the

Trustees.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

June

30,

2026 are

identified

below.

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.

Investment

Securities:

Level

1

Level

2

Level

3

Total

AZL

MVP

Growth

Index

Strategy

Fund

—‌

—‌

—‌

Affiliated

Investment

Companies

$

1,562,211,197‌

$

—‌

$

—‌

$

1,562,211,197‌

Total

Investment

Securities

1,562,211,197‌

—‌

—‌

1,562,211,197‌

Other

Financial

Instruments:

*

Futures

Contracts

462,483‌

—‌

—‌

462,483‌

—‌

—‌

—‌

—‌

Total

Investments

$

1,562,673,680‌

$

—‌

$

—‌

$

1,562,673,680‌

AZL

MVP

Moderate

Index

Strategy

Fund

—‌

—‌

—‌

Affiliated

Investment

Companies

$

276,580,092‌

$

—‌

$

—‌

$

276,580,092‌

Total

Investment

Securities

276,580,092‌

—‌

—‌

276,580,092‌

Other

Financial

Instruments:

*

Futures

Contracts

62,377‌

—‌

—‌

62,377‌

—‌

—‌

—‌

—‌

Total

Investments

$

276,642,469‌

$

—‌

$

—‌

$

276,642,469‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

—‌

—‌

—‌

Affiliated

Investment

Companies

$

854,060,119‌

$

—‌

$

—‌

$

854,060,119‌

Total

Investment

Securities

854,060,119‌

—‌

—‌

854,060,119‌

Other

Financial

Instruments:

*

Futures

Contracts

222,192‌

—‌

—‌

222,192‌

—‌

—‌

—‌

—‌

Total

Investments

$

854,282,311‌

$

—‌

$

—‌

$

854,282,311‌

#

Represents

the

interest

in

securities

that

were

determined

to

have

a

value

of

zero

at

June

30,

2026.

*

Other

Financial

Instruments

include

any

derivative

instruments,

such

as

futures

contracts.

These

investments

are

generally

presented

in

the

Statements

of

Assets

and

Liabilities

at

variation

margin.

+

For

detailed

industry

descriptions,

see

the

accompanying

Schedules

of

Portfolio

Investments.

Fund

Name

Purchases

Sales

AZL

Balanced

Index

Strategy

Fund

$

3,347,272‌

$

22,839,694‌

AZL

DFA

Multi-Strategy

Fund

121,244‌

63,238,707‌

AZL

MVP

Balanced

Index

Strategy

Fund

215,900‌

62,014,205‌

AZL

MVP

DFA

Multi-Strategy

Fund

—‌

107,554,527‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

862,978‌

26,408,336‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

428,240‌

39,434,590‌

AZL

MVP

Growth

Index

Strategy

Fund

—‌

177,403,339‌

AZL

MVP

Moderate

Index

Strategy

Fund

650,224‌

32,351,599‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

162,186‌

102,609,253‌

Security

Acquisition

Date

(a)

Acquisition

Cost

Shares

or

Principal

Amount

($)

Value

Percentage

of

Net

Assets

AZL

MVP

Global

Balanced

Index

Strategy

Fund

Grand

Rounds,

Inc.,

Series

C

3/31/15

$

399,608‌

145,123‌

$

111,745‌

0.03%

Jawbone

1/24/17

–‌

23,389‌

–‌

0.00%

Quintis

Australia

Pty,

Ltd.,

7.50%,

10/1/26,

Callable

8/1/26

@

100

10/25/18

52,331‌

52,331‌

5,626‌

0.00%

Quintis

Australia

Pty,

Ltd.,

12.00%,

10/1/28,

Callable

8/1/26

@

106

10/25/18

730,672‌

730,672‌

–‌

0.00%

Quintis

Pty,

Ltd.

10/25/18

253,669‌

386,370‌

2‌

0.00%

REI

Agro

,

Ltd.,

Registered

Shares,

5.50%,

11/13/14

2/7/12

–‌

400,000‌

–‌

0.00%

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

41

7.

Investment

Risks

The

risks

below

are

presented

in

an

order

intended

to

facilitate

readability.

Their

order

does

not

imply

that

the

realization

of

one

risk

is

more

likely

to

occur

more

frequently

than

another

risk,

nor

does

it

imply

that

the

realization

of

one

risk

is

likely

to

have

a

greater

adverse

impact

than

another

risk.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

This

section

discusses

certain

common

principal

risks

encountered

by

the

Funds.

Derivatives

Risk:

The

Funds

may

invest

directly

or

through

affiliated

or

unaffiliated

mutual

funds

in

derivative

instruments

such

as

futures,

options,

and

options

on

futures.

A

derivative

is

a

financial

contract

whose

value

depends

on,

or

is

derived

from,

the

value

of

an

underlying

asset,

reference

rate,

or

risk.

Use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

other

risks,

such

as

liquidity

risk,

interest

rate

risk,

market

risk,

credit

risk,

counterparty

risk, and

selection

risk.

Derivatives

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

may

not

correlate

perfectly

with

the

underlying

asset,

rate,

or

index.

Using

derivatives

may

result

in

losses,

possibly

in

excess

of

the

principal

amount

invested.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances.

The

other

party

to

a

derivatives

contract

could

default.

Foreign

Securities

Risk:

Investing

in

the

securities

of

non-U.S.

issuers

involves

a

number

of

risks,

such

as

fluctuations

in

currency

values,

adverse

political,

social

or

economic

developments,

and

differences

in

social

and

economic

developments

or

policies.

Such

risks

include

future

political

and

economic

developments,

and

the

possible

imposition

of

exchange

controls

or

other

foreign

governmental

laws

and

restrictions.

In

addition,

with

respect

to

certain

countries,

there

is

the

possibility

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability

or

diplomatic

developments

which

could

adversely

affect

investments

in

those

securities.

Certain

foreign

companies

may

be

subject

to

sanctions,

embargoes,

or

other

governmental

actions

that

may

impair

or

otherwise

limit

the

ability

to

invest

in,

receive,

hold

or

sell

the

securities

of

such

companies.

Fund

of

Funds

Risk:

The

Funds,

as

shareholders

of

the

underlying

funds,

indirectly

bear

their

proportionate

share

of

any

investment

management

fees

and

other

expenses

of

the

underlying

funds.

Further,

due

to

the

fees

and

expenses

paid

by

the

Funds,

as

well

as

small

variations

in

the

Funds’

actual

allocations

to

the

underlying

funds

and

any

futures

and

cash

held

in

the

Funds’

portfolios,

the

performance

and

income

distributions

of

the

Funds

will

not

be

the

same

as

the

performance

and

income

distributions

of

the

underlying

funds.

In

addition,

the

Funds

maintain

indirect

exposure

to

various

types

of

risk

which

may

exist

in

the

underlying

funds,

such

as

foreign

securities

risk,

fixed

income

securities

risk

and

other

risks.

Index

Fund

Risk:

Certain

of

the

underlying

funds

do

not

attempt

to

manage

market

volatility

or

reduce

the

effects

of

poor

performance.

In

addition,

factors

such

as

fund

expenses,

selection

of

a

representative

portfolio,

changes

in

the

composition

of

the

index,

or

the

timing

of

purchases

or

redemptions

of

fund

shares

may

affect

the

correlation

between

the

performance

of

the

index

and

the

underlying

fund’s

performance.

Interest

Rate

Risk:

Debt

securities

held

by

a

Fund

or

an

underlying

fund

may

decline

in

value

due

to

rising

interest

rates.

The

price

of

a

bond

is

also

affected

by

its

maturity.

Bonds

with

longer

maturities

generally

have

greater

sensitivity

to

changes

in

interest

rates.

Macroeconomic

factors,

such

as

inflationary

trends,

can

heighten

interest

rate

risk. 

Market

Risk:

The

market

price

of

securities

owned

by

a

Fund

or underlying

funds

may

go

up

or

down,

sometimes

rapidly

and

unpredictably.

Securities

may

decline

in

value

due

to

factors

affecting

securities

markets

generally

or

particular

industries

represented

in

the

securities

markets.

The

value

of

a

security

may

decline

due

to

general

market

conditions

including

economic,

political,

and

financial

conditions,

widespread

disease

or

other

public

health

issues,

war,

military

conflict,

acts

of

terrorism,

adverse

investor

sentiments,

or

instability

or

other

disruptive

events

in

the

local,

regional,

or

global

markets.

Certain

changes

in

the

U.S.

economy,

such

as

a decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

economic

recession,

may

have

an

adverse

effect

on

the

value

of

the

securities

of

the

Fund

or

underlying

funds.

Quantitative

Investing

Risk:

The

value

of

securities

selected

using

quantitative

analysis

can

react

differently

to

issuer,

political,

market,

and

economic

developments

than

the

market

as

a

whole

or

securities

selected

using

only

fundamental

analysis.

The

factors

used

in

quantitative

analysis

and

the

weight

placed

on

those

factors

may

not

be

predictive

of

a

security’s

value.

In

addition,

factors

that

affect

a

security’s

value

can

change

over

time

and

these

changes

may

not

be

reflected

in

the

quantitative

model.

A

quantitative

model

can

be

adversely

affected

by

errors

or

imperfections

in

the

factors

or

the

data

on

which

evaluations

are

based,

or

by

technical

issues

with

construction

or

implementation

of

the

model,

which

in

any

case

may

result

in

a

failure

of

the

portfolio

to

perform

as

expected

or

a

failure

to

identify

securities

that

will

perform

well

in

the

future.

8.

Federal

Tax

Information

It

is

the

policy

of

each

Fund

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

under

Subchapter

M

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provisions

for

federal

income

taxes

are

required

in

the

financial

statements.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

42

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

year

ends

and

the

interim

tax

period

since

then,

as

applicable).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

In

accordance

with

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)

—

Improvements

to

Income

Tax

Disclosures

(“ASU

2023-09”),

the

Funds’

income

tax

disclosures

require

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

a

quantitative

threshold

is

met.

The

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

Cost

of

securities,

including

derivatives

and

short

positions

as

applicable,

for

federal

income

tax

purposes

and

the

gross

unrealized

appreciation/(depreciation)

on

a

tax

basis

at

December

31,

2025

were

as

follows:

For

the

tax

year

ended

December

31,

2025,

the

Funds

had

no

remaining

capital

loss

carry

forwards

(“CLCFs”).

The

Board

does

not

intend

to

authorize

a

distribution

of

any

realized

gain

for

the

Funds

until

any

applicable

CLCF

has

been

offset.

During

the

tax year

ended

December

31,

2025,

the AZL

MVP

Global

Balanced

Index

Strategy

Fund utilized

$1,736,382 in

CLCFs

to

offset

capital

gains. 

The

tax

character

of

dividends

paid

to

shareholders

during

the

year

ended

December

31, 2025 were

as

follows: 

Fund

Name

Cost

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

AZL

Balanced

Index

Strategy

Fund

$

256,564,312‌

$

71,350,396‌

$

(6,559,122‌)

$

64,791,274‌

AZL

DFA

Multi-Strategy

Fund

510,045,611‌

120,445,559‌

–‌

120,445,559‌

AZL

MVP

Balanced

Index

Strategy

Fund

584,742,472‌

63,994,482‌

(1,456,576‌)

62,537,906‌

AZL

MVP

DFA

Multi-Strategy

Fund

1,002,808,949‌

145,120,649‌

–‌

145,120,649‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

198,287,158‌

54,441,478‌

–‌

54,441,478‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

321,357,364‌

94,301,056‌

(21,999,013‌)

72,302,043‌

AZL

MVP

Growth

Index

Strategy

Fund

1,246,396,120‌

400,096,008‌

(33,407,552‌)

366,688,456‌

AZL

MVP

Moderate

Index

Strategy

Fund

252,393,288‌

48,386,759‌

(10,917,522‌)

37,469,237‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

809,067,785‌

114,744,173‌

(15,060,959‌)

99,683,214‌

Fund

Name

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

(a)

AZL

Balanced

Index

Strategy

Fund

$

8,720,804‌

$

20,183,649‌

$

28,904,453‌

AZL

DFA

Multi-Strategy

Fund

16,882,854‌

23,418,479‌

40,301,333‌

AZL

MVP

Balanced

Index

Strategy

Fund

41,742,294‌

18,417,535‌

60,159,829‌

AZL

MVP

DFA

Multi-Strategy

Fund

64,539,698‌

69,517,800‌

134,057,498‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

13,652,074‌

–‌

13,652,074‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

11,998,553‌

–‌

11,998,553‌

AZL

MVP

Growth

Index

Strategy

Fund

118,528,147‌

71,950,271‌

190,478,418‌

AZL

MVP

Moderate

Index

Strategy

Fund

21,950,341‌

10,842,154‌

32,792,495‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

64,766,476‌

19,315,125‌

84,081,601‌

(a)

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Notes

to

the

Financial

Statements

June

30,

2026

(Unaudited)

43

At

December

31,

2025,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows: 

9.

Ownership

and

Principal

Holders

The

beneficial

ownership,

either

directly

or

indirectly,

of

more

than

25%

of

the

voting

securities

of

a

fund

creates

presumptions

of

control

of

the

fund,

under

Section

2(a)(9)

of

the

1940

Act.

As

of June

30,

2026,

shareholder

accounts

which

are

affiliated

with

the

Manager

representing

ownership

in

excess

of

25%

of a

Fund

were

as

follows:

Investment

activities

of

these

shareholders

could

have

a

material

impact on such

Funds. 

As

of

June

30,

2026,

the

AZL

MVP

DFA

Multi-Strategy

Fund

had

a

controlling

interest

(in

excess

of

50%)

in

the

AZL

DFA

International

Core

Equity

Fund

and

the

AZL

DFA

U.S.

Core

Equity

Fund,

which

are

each

affiliated

with

the

Manager. 

10.

Segment

Reporting

In

accordance

with

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

—

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”),

subject

to

the

oversight

and,

when

applicable,

approval

of

the

Board,

the

officers

of

the

Trust,

as

listed

in

the

Trust’s

Statement

of

Additional

Information,

act

as each

Fund’s

chief

operating

decision

maker

(“CODM”).

The

CODM

has

determined

that each

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and each

Fund’s

long-term

strategic

asset

allocation

is

determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

each

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Funds’

financial

statements.

11.

Subsequent

Events

Management

of

the

Funds

has

evaluated

the

need

for

additional

disclosures

or

adjustments

resulting

from

events

through

the

date

the

financial

statements

were

issued.

Based

on

this

evaluation,

there

were

no

subsequent

events

to

report

that

would

have

material

impact

on

the

Funds’

financial

statements.

Fund

Name

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)

(a)

Total

Accumulated

Earnings/(Deficit)

AZL

Balanced

Index

Strategy

Fund

$

9,524,833‌

$

26,274,297‌

$

—‌

$

64,791,274‌

$

100,590,404‌

AZL

DFA

Multi-Strategy

Fund

16,551,824‌

39,355,446‌

—‌

120,445,559‌

176,352,829‌

AZL

MVP

Balanced

Index

Strategy

Fund

28,603,387‌

41,373,204‌

—‌

62,537,906‌

132,514,497‌

AZL

MVP

DFA

Multi-Strategy

Fund

45,505,475‌

54,347,617‌

—‌

145,120,649‌

244,973,741‌

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

20,594,708‌

1,536,415‌

—‌

54,441,478‌

76,572,601‌

AZL

MVP

Global

Balanced

Index

Strategy

Fund

29,410,759‌

—‌

—‌

72,302,596‌

101,713,355‌

AZL

MVP

Growth

Index

Strategy

Fund

75,685,516‌

171,134,318‌

—‌

366,688,456‌

613,508,290‌

AZL

MVP

Moderate

Index

Strategy

Fund

13,996,685‌

24,150,157‌

—‌

37,469,237‌

75,616,079‌

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

59,033,339‌

100,491,894‌

—‌

99,683,214‌

259,208,447‌

(a)

The

differences

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

are

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

foreign

currency

gains

or

losses,

mark-to-market

of

futures

contracts

and

straddles.

Fund

Name

Ownership

in

excess

of

AZL

Balanced

Index

Strategy

Fund

90%

AZL

DFA

Multi-Strategy

Fund

90%

AZL

MVP

Balanced

Index

Strategy

Fund

85%

AZL

MVP

DFA

Multi-Strategy

Fund

85%

AZL

MVP

Fidelity

Institutional

Asset

Management

Multi-Strategy

Fund

85%

AZL

MVP

Global

Balanced

Index

Strategy

Fund

85%

AZL

MVP

Growth

Index

Strategy

Fund

80%

AZL

MVP

Moderate

Index

Strategy

Fund

85%

AZL

MVP

T.

Rowe

Price

Capital

Appreciation

Plus

Fund

80%

44

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

Other

Information

(Unaudited)

Item

8.  

Changes

in

and

Disagreements

with

Accountants  

On

February

24,

2026,

the

Board

of

Trustees

(the

“Board”)

of

Allianz

Variable

Insurance

Products

Fund

of

Funds

Trust

(the

“Trust”),

upon

recommendation

of

its

Audit

Committee,

approved

the

appointment

of

Cohen

&

Company,

Ltd.

(“Cohen”)

as

the

independent

registered

public

accounting

firm

for

each

series

of

the

Trust

(each,

a

“Fund”)

for

the

fiscal

year

ending

December

31,

2026,

effectively

dismissing

PricewaterhouseCoopers

LLP

(“PwC”)

as

each

Fund’s

independent

registered

public

accounting

firm

effective

February

26,

2026.

The

audit

reports

of

PwC

on

the

financial

statements

of

each

Fund

for

the

fiscal

years

ended

December

31,

2024

and

December

31,

2025

did

not

contain

an

adverse

opinion

or

disclaimer

of

opinion,

and

were

not

qualified

or

modified

as

to

uncertainty,

audit

scope,

or

accounting

principles.

During

each

of

the

Fund’s

two

fiscal

years

ended

December

31,

2024

and

December

31,

2025,

and

the

subsequent

interim

period

through

February

26,

2026,

there

were

no

disagreements

with

PwC

on

any

matter

of

accounting

principles

or

practices,

financial

statement

disclosure,

or

auditing

scope

or

procedure,

which,

if

not

resolved

to

the

satisfaction

of

PwC,

would

have

caused

PwC

to

make

reference

to

the

subject

matter

of

the

disagreement

in

connection

with

PwC’s

reports

on

the

financial

statements.

In

addition,

there

have

been

no

“reportable

events”

of

the

kind

described

in

Item

304(a)(1)(v)

of

Regulation

S-K

under

the

Securities

Exchange

Act

of

1934.

During

each

of

the

Fund’s

two

fiscal

years

ended

December

31,

2024

and

December

31,

2025

and

the

subsequent

interim

period

through

February

26,

2026,

neither

the

Trust

nor

anyone

on

its

behalf

has

consulted

with

Cohen

at

any

time

prior

to

their

selection

with

respect

to

(i)

the

application

of

accounting

principles

to

a

specified

transaction,

either

completed

or

proposed

or

the

type

of

audit

opinion

that

might

be

rendered

on

a

Fund’s

financial

statements;

or

(ii)

the

subject

of

a

disagreement

(as

defined

in

Item

304(a)(1)(iv)

of

Regulation

S-K)

or

reportable

events

(as

described

in

Item

304(a)(1)(v)

of

Regulation

S-K).

The

Trust

has

requested

that

PwC

furnish

it

with

a

letter

addressed

to

the

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

stating

whether

PwC

agrees

with

the

above

statements.

Item

9.  

Proxy

Disclosures

There

were

no

matters

submitted

for

vote

by

shareholders

of

the

Funds

during

the

reporting

period.

Item

10.

Remuneration

Paid

to

Directors,

Officers

and

Others

Remuneration

paid

to

Directors/Trustees,

Officers

and

others,

if

any,

are

reflected

on

the

Statements

of

Operations

and

described

in

Note

3

of

the

Notes

to

Financial

Statements

included

in

Item

7.

Item

11.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

applicable.

SARRPT0626

08/26

The

Allianz

VIP

Fund

of

Funds

are

distributed

by

Allianz

Life

Financial

Services,

LLC.

These

Funds

are

not

FDIC

Insured.

(b)           The Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Trustees, Officers, and others are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. Controls and Procedures.

(a)           The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)           There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

                Not applicable. 

Item 19. Exhibits.

(a)(1)      Not applicable. 

(a)(2)      Not applicable. 

(a)(3)      The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.

(a)(4)      Not applicable.

(a)(5)      A change in the Registrant’s independent public accountant during the period covered by the report is attached hereto.

(b)           The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Allianz Variable Insurance Products Fund of Funds Trust                 

By (Signature and Title)   /s/ Brian Muench                                                                 

                                                Brian Muench, Principal Executive Officer

Date August 14, 2026                       

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Brian Muench                                                                                   

                                                Brian Muench, Principal Executive Officer

Date August 14, 2026                                      

By (Signature and Title) /s/ Monique Labbe                                                                                                                                 

                                                Monique Labbe, Principal Financial Officer

Date August 14, 2026